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Century 21 Accounting 10e Chapter 9 Review Flashcards | StudBud
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Century 21 Accounting 10e Chapter 9 Review
Century 21 Accounting 10e Chapter 9 Review
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Century 21 Accounting 10e - Chapter 9 Vocabulary #chapter9vocabulary #accounting10e
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1
An account that reduces a related account on a financial statement
Transaction Account
Contra Account
Controlling Account
General Account
2
The amount a business pays for goods it purchases to sell.
Cost of Goods and Services
List Price
Cost of Merchandise
Retail Price
3
The price after the trade discount has been deducted from the list price
Retail Price
List Price
Net Price
Wholesale Price
4
An invoice used as a source document for recording a purchase on account transaction
Purchase Order
Purchase Invoice
Purchase Receipt
Purchase Requisition
5
A business that buys and resells merchandise primarily to other merchandising businesses.
Retail Merchandising Business
Business Merchandising Business
Wholesale Merchandising Business
Consumer Goods Distributor
6
A special journal used to record only cash payment transactions
Subsidiary Ledger
Cash Payments Journal
Accounts Payable Journal
Purchases Journal
7
A transaction in which the items purchsed are to be paid for later.
Purchase Agreement
Credit Card Purchase
I.O.U.
Purchase on Account
8
The assets or other financial resources available to a business
Loan
Capital
Cash on Hand
Line of Credit
9
A business from which merchandise, supplies, or other assets are purchased
Wholesaler
Dealer
Vendor
Retailer
10
The owner of one or more shares of stock
A Shark
Venture Capitalist
Stockholder
Entrepreneur
11
A deduction that a vendor allows on an invoice amount to encourage prompt payment.
Credit Discount
Cash Discount
Net Discount
Payment Discount
12
A listing of vendor accounts, account balances, and the total amount due to all vendors
Credit Limit
Controlling Account
Controlling Account
Schedule of Accounts Payable
13
An agreement between a buyer and a seller about payment for merchandise
Contract
Terms of Sale
Terms of agreement
Business Agreement
14
An organization with the legal rights of a person which many persons or corporations may own.
Institution
Public Organization
Partnership
Corporation
15
A reduction in the list price granted to a merchandising business
Seller's Discount
Profit Margin
Trade Calculation
Trade Discount
16
A legal document that identifies basic characteristics of a corporation.
Corporate ID
Corporate Seal
Business Registration
Articles of Incorporation
17
The period of time during which a customer may take a cash discount.
Limited Discount Period
Time Period
Window of Opportunity
Discount Period
18
A merchandising business that sells to those who use or consume the goods.
Retail Merchandising Business
Wholesale Merchandising Business
Business Dealer
Direct Seller
19
The subsidiary ledger containing vendor accounts
Accounts Payable Ledger
General Ledger
Account Ledger
Accounts Receivable Ledger
20
A journal amount column headed with an account title
Accounts Payable Column
Special Amount Column
Cash Discounts Column
Cash Payments Column
21
A journal used to record only one kind of transaction
General Journal
Purchases Journal
Special Journal
Cash Payments Journal
22
A form requesting that a vendor sell merchandise to a business.
Purchase Order
Purchase Requistion
Order Form
Retail Request
23
Each unit of ownership in a corporation
Parcel of Ownership
A Piece of the Pie
Share of Stock
Investor Percentage
24
A date by which an invoice must be paid
Origination Date
Due Date
Payment Satisifaction Date
Expected Date of Delivery
25
A journal amount column that is not headed with an account title
Purchases Discount Credit Column
Purchases Column
General Amount Column
Cash Credit Column
26
Formation of a corporation with the legal right to conduct operations as a corporation.
Incorporation
Charter
S Corporation
Trademark
27
An account in the general ledger that summarizes all accounts in a subsidiary ledger
Subsidiary Account
Controlling Account
Contra Account
Parent Account
28
The retail price listed in a catalog or on an Internet site.
Discount Price
Retail Price
List Price
Wholesale Price
29
A form requesting the purchase of merchandise
Memo
Request for Merchandise
Requisition
Order Form
30
A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand
Periodic Inventory
Perpetual Inventory
Physical Inventory
Merchandise Inventory
31
A merchandise inventory evaluated at the end of a fiscal period
Perpetual Inventory
Physical Inventory
Periodic Inventory
Merchandise Inventory
32
When a company that has purchased merchandise on account takes a cash discount
Net Price
Purchases Discount
Discount on Account
Five Finger Discount
33
An inventory determined by keeping a continuous record of increases,decreases,& balance on hand
Periodic Inventory
Perpetual Inventory
Merchandise Inventory
Physical Inventory
34
A special journal used to record only purchases of merchandise on account.
Purchases Journal
Credit Account
Cash Payments Journal
Accounts Payable Journal
35
The goods a business has on hand for sale to customers.
Merchandise Inventory
Display Merchandise
Online Inventory
In Stock Items
36
The maximum outstanding balance allowed to a customer by a vendor
Disclosure Agreement
Loan Approval
Credit Terms
Credit Limit
