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