Merchandising Businesses Have Additional Accounts on Their Balance Sheets? True/False
True
What is an Organization With the Legal Rights of a Person or Many Persons?
Corporation
What is a General Ledger?
Account used to assemble similar transactions such as those that affect cash.
The retail price listed in a catalog or on an internet site is called....
List Price
The date by which an invoice must be paid is called the...
Due date
What Are Goods That A Business Plans to Sell?
Merchandise
The Assets or Other Financial Resources Available to a Business...
Capital
What are General Ledger Accounts Used for?
To prepare financial statements.
The price after the trade discount has been deducted from the list price is referred to as...
Net Price
The period of time during which a customer may take a cash discount is called the...
Discount Period
A Business That Purchases and Resells Goods is Called...
Merchandising Business
Does a Corporation Have a Single Capital and Drawing Account for the Owner? True/False
False, Corporations Have Seperate Capital Accounts for the Stock Issued and for the Earnings Kept in the Business.
A business where merchandise, supplies, or other assets are purchased is called...
A Vendor
True
What is a Credit Limit?
the maximum outstanding balance allowed to a customer by a vendor.
What Business Buys and Resells Merchandise Primarily to Other Merchandising Businesses?
Wholesale Merchandising Business
What is a Unit of Ownership called?
Share of Stock
A Ledger that is summarized in a single general ledger is called...
A Subsidiary Ledger
A reduction in the list price granted ti a merchandising business...
Trade Discount
Terms of Sale
A Merchandising Business That Sells to Those Who Use or Consume Goods is Called...
Retail Merchandising Business
How Are Corporations Formed?
Formed by Applying to a State Government
An Account in a general ledger that summarizes all accounts in a subsidiary ledger is called a...
Controlling Account
A deduction that a vendor allows on an invoice amount to encourage a prompt payment...
Cash Discount
What is a Contra Account?
An account the reduces a related account on a financial statement