Accounting Chapter 9 Terminology

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

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

The assets or other financial resources available to a business

The subsidiary ledger containing vendor accounts

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

A reduction in the list price granted to a merchandising business

Each unit of ownership in a corporation

A date by which an invoice must be paid

A journal amount column headed with an account title

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

A form requesting the purchase of merchandise

The period of time during which a customer may take a cash discount.

The amount a business pays for goods it purchases to sell.

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

An account that reduces a related account on a financial statement

The maximum outstanding balance allowed to a customer by a vendor

An organization with the legal rights of a person which many persons or corporations may own.

A special journal used to record only purchases of merchandise on account.

A business from which merchandise, supplies, or other assets are purchased

When a company that has purchased merchandise on account takes a cash discount

The owner of one or more shares of stock

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

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

A form requesting that a vendor sell merchandise to a business.

A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand

A legal document that identifies basic characteristics of a corporation.

 A merchandise inventory evaluated at the end of a fiscal period

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

A special journal used to record only cash payment transactions

A transaction in which the items purchsed are to be paid for later.

An inventory determined by keeping a continuous record of increases,decreases,& balance on hand

Formation of a corporation with the legal right to conduct operations as a corporation.

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

 A journal used to record only one kind of transaction

The price after the trade discount has been deducted from the list price

The goods a business has on hand for sale to customers.