Accounting Ch 9 Quiz

An account that reduces a related account on a financial statement.

Inventory determined by a continuous record of the balance on hand of each item of merchandise.

A listing of vendor accounts, account balances and the total amount due to all vendors.

A reduction in the list price granted to a merchandising business.

A journal used to record only one kind of transaction.

Organization with legal rights of a person which many persons or other corporations may own.

A deduction that a vendor allows on an invoice amount to encourage prompt payment.

An agreement between a buyer and a seller about payment for merchandise.

A merchandise inventory evaluated at the end of a fiscal period.

A merchandising business that sells to those who use or consume the goods.

The maximum outstanding balance allowed to a customer by a vendor.

A business that buys and resells merchandise primarily to other merchandising businesses.

A form requesting the purchase of merchandise.

A legal document that identifies basic characteristics of a corporation.

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

Each unit of ownership in a corporation

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

A journal amount column that is not headed with an account title.

The owner of one or more shares of stock.

A form requesting that vendor sell merchandise to a business.