Vocab
Vocab
Vocab
Vocab
Misc.
100
A legal document that identifies basic characteristics of a corporation. (p. 244)
What is Articles of Incorporation?
100
The owner of one or more shares of stock. (p. 244)
What is Stockholder?
100
A journal amount column that is not headed with an account title. (p. 260)
What is What is General Amount Column?
100
A form requesting the purchase of merchandise. (p. 251)
What is Purchase Order?
100
A reduction in the list price granted to a merchandising business. (p. 260)
What is Trade Discount?
200
An account in a general ledger that summarizes all accounts in a subsidiary ledger. (p. 246)
What is Controlling Account?
200
A business that buys and resells merchandise primarily to other merchandising businesses. (p. 244)
What is Wholesale Merchandising Business?
200
The retail price listed in a catalog or on an Internet site. (p. 260
What is List Price?
200
A form requesting the purchase of merchandise. (p. 251)
What is Requisition?
200
How many journals have we learned about in this unit?
What is 2
300
An organization with the legal rights of a person which many persons or other corporations may own. (p. 244)
What is Corporation?
300
A deduction that a vendor allows on an invoice amount to encourage prompt payment. (p. 260)
What is Cash Discount?
300
A merchandise inventory evaluated at the end of a fiscal period. (p. 249)
What is Periodic Inventory?
300
A listing of vendor accounts, account balances, and the total amount due to all vendors. (p. 272)
What is Schedule of Accounts Payable?
300
What goes in Cash Payment Journal?
What is anything we write a check for?
400
A merchandising business that sells to those who use or consume the goods. (p. 244)
What is Retail Merchandising Business?
400
An account that reduces a related account on a financial statement. (p. 263)
What is Contra Account?
400
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise. (p. 249)
What is Perpetual Inventory?
400
A journal used to record only one kind of transaction. (p. 251)
What is Special Journal?
400
What essential organization records have been presented this year?
What is General Journal, General Ledger, Chart of Accounts
500
Each unit of ownership in a corporation. (p. 244)
What is Share of Stock?
500
The maximum outstanding balance allowed to a customer by a vendor. (p. 267)
What is Credit Limit?
500
A form requesting that a vendor sell merchandise to a business. (p. 251)
What is Purchase Order?
500
An agreement between a buyer and a seller about payment for merchandise. (p. 252)
What is Terms Of Sale?
500
What is the last steps after you have completed your purchase journal and cash payment journal?
What is Total your columns and post to A/P Ledger and G/L Ledger
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