DEFINITIONS
DEFINITIONS PART DEUX
ACCOUNTING PRACTICES
IDENTIFYING CONCEPTS
100
Each member of a partnership is called this.
What is a partner?
100
A business in which two or more persons combine their assets and skills is called this.
What is a partnership?
100
The source document for a cash purchase is called this.
What is a receipt?
100
When a business requires the skill of more than one person it should be organized as this type of business.
What is partnership?
200
The amount added to the cost of merchandise to establish the selling price is given this name.
What is markup?
200
Goods that a merchandising business purchases to sell are called.
What is merchandise?
200
The source document for recording a purchase on account transactions would have this name.
What is a purchase invoice?
200
The main difference between a service business and a merchandising business are that service businesses do this.
What is perform a service.
300
This type of invoice is used as a source document for recording a purchase on account transaction.
What is a purchase invoice?
300
The price a business pays for goods its purchases to sell would be called this.
What is terms of sale?
300
You would debit this account and credit this account when journalizing a purchase of merchandise on account.
What is debit purchases and credit accounts payable?
300
An expanded journal includes several of these types of columns.
What are special amount columns?
400
A business that buys and sells goods is called this type of business.
What is a merchandising business?
400
The price a business pays for goods it purchases to sell is called this.
What is the cost of merchandise?
400
Assets taken out of a business for the personal use of an owner are usually one of these two things.
What is cash and merchandise?
400
The purchases account is increased by this.
What is a debit?
500
A business from which merchandise is purchased or supplies or other assets are bought would be given this name.
What is a vendor?
500
A merchandising business that sells to those who use or consume the goods is called?
What is a retail merchandising business?
500
Keeping the reports and financial records of a business separate from the person records of the partners is an application of this accounting concept.
What is a business entity?
500
The purchases account is decreased by this.
What is a credit?
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