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9-2 accounting
9-2
| Question | Answer |
|---|---|
| inventory | a list of assets, usually containing the value of individual items |
| merchandise inventory | the goods a business has on hand for sale to costomers |
| perpetual inventory | an inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise |
| periodic inventory | a merchandise inventory evaluated at the end of a fiscal period |
| physical inventory | when a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand |
| cost of merchandise | the amount a business pays for goods it purchases to sell |
| requisition | form requesting the purchase of merchandise |
| purchase order | form requesting that a vendor sell merchandise to a business |
| special journal | journal used to record only one kind of transaction |
| purchase on account | a transaction in which the items purchased are to be paid for later |
| purchases journal | special journal used to record only purchases of merchandise on account |
| special amount column | a journal amount column headed with an account title |
| purchase invoice | an invoice e used as a source document for recording a purchase on account |
| terms of sale | an agreement between a buyer and seller about payment for merchant |
| due date | date by which an invoice must be paid |
Created by:
zoeysnay