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