Accounting Chp 9 Vocab
25. The maximum outstanding balance allowed to a customer by a vendor. (p. 267)
credit limit
21. A journal amount column that is not headed with an account title. (p. 260)
general amount column
17. The retail price listed in a catalog or on an Internet site. (p. 260)
list price
4. A merchandise inventory evaluated at the end of a fiscal period. (p. 249)
periodic inventory
3. An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise. (p. 249)
perpetual inventory
8. A form requesting that a vendor sell merchandise to a business. (p. 251)
purchase order
7. A form requesting the purchase of merchandise. (p. 251)
requisition
3. A merchandising business that sells to those who use or consume the goods. (p. 244)
retail merchandising business
26. A listing of vendor accounts, account balances, and the total amount due to all vendors. (p. 272)
schedule of accounts payable
7. Each unit of ownership in a corporation. (p. 244)
share of stock
9. A journal used to record only one kind of transaction. (p. 251)
special journal
8. The owner of one or more shares of stock. (p. 244)
stockholder
14. An agreement between a buyer and a seller about payment for merchandise. (p. 252)
terms of sale
18. A reduction in the list price granted to a merchandising business. (p. 260)
trade discount
4. A business that buys and resells merchandise primarily to other merchandising businesses. (p. 244)
wholesale merchandising business
10. A legal document that identifies basic characteristics of a corporation. (p. 244)
articles of incorporation
20. A deduction that a vendor allows on an invoice amount to encourage prompt payment. (p. 260)
cash discount
24. An account that reduces a related account on a financial statement. (p. 263)
contra account
15. An account in a general ledger that summarizes all accounts in a subsidiary ledger. (p. 246)
controlling account
5. An organization with the legal rights of a person which many persons or other corporations may own. (p. 244)
corporation