Accounting Terms-Chapter 9

A type of business entity that is ran by one sole person

A transaction in which the merchandise purchased is to be paid at a later date is

An agreement between a buyer and a seller about payment for merchandise is called

Something that you owe is a(n)

The amount added to the cost of merchandise for a business to establish the selling price is 

An invoice used as a source document  for recording a purchase on account transaction is called

The price a business pays for goods it purchases to sell is called

A petty cash on hand amount that is less than a recorded amount is called

Credit allowed for part of the purchase price of not returned items is 

A special journal used to record only purchases of merchandise on account is called a 

A journal used to record only one kind of transaction is called a 

Total shares of ownership in a corporation are called

A deduction that a vendor allows on the invoice amount to encourage prompt payment is called a

A business from which merchandise is purchased or supplies or other assets are bought is called

An organization with the legal rights of a person and which many persons own is called a(n)

Something that you own is called a(n)

Goods that a business purchases are called

The retail price listed in a catalog or on an Internet site is called a 

A form prepared by the customer showing the price deduction taken by the customer for returns

A petty cash on hand amount that is more than a recorded amount it called 

A reduction in the list price granted to customers is called 

A special journal used to record only cash payment transactions is called a

A business structure that combines a proprietorship and a limited liability corporation

Credit allowed for the purchase price of returned merchandise, resulting in a decrease in AP

An account that reduces a related account on a financial statement is called a

Each unit of ownership in a corporation is called a 

A business that purchases and sells goods is called a

A journal amount column headed with an account title is called a