Accounting chapter 9 vocab

6. A legal document that identifies basic characteristics of a corporation.

articles of corporation

18. A journal amount column that is not headed with an account title.

general amount column

8. The retail price listed in a catalog or on an Internet site.

list price

11. A merchandise inventory evaluated at the end of a fiscal period.

periodic inventory

14. An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.

perpetual inventory

15. A form requesting that a vendor sell merchandise to a business.

purchase order

13. A form requesting the purchase of merchandise.

requisition

1. A merchandising business that sells to those who use or consume the goods.

retail merchandising business

20. A listing of vendor accounts, account balances, and the total amount due to all vendors.

schedule of accounts payable

3. Each unit of ownership in a corporation.

share of stock

16. A journal used to record only one kind of transaction.

special journal

5. The owner of one or more shares of stock.

stockholder

10. An agreement between a buyer and a seller about payment for merchandise.

terms of sale

9. A reduction in the list price granted to a merchandising business.

trade discount

A business that buys and resells merchandise primarily to other merchandising businesses

Wholesale merchandising business

17. A deduction that a vendor allows on an invoice amount to encourage prompt payment.

cash discount

12. An account that reduces a related account on a financial statement.

contra account

7. An account in a general ledger that summarizes all accounts in a subsidiary ledger.

controlling account

4. An organization with the legal rights of a person which many persons or other corporations may own.

corporation

19. The maximum outstanding balance allowed to a customer by a vendor.

credit limit