Terms, Concepts, & Transactions Recorded in Special Journals

Question 1

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

Accepted Answer

General Amount Column

Question 2

The name of an organization with the legal rights of a person & which many persons may own is?

Accepted Answer

Corporation

Question 3

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

Accepted Answer

Terms of Sale

Question 4

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

Accepted Answer

Contra Account

Question 5

A reduction in the list price given to customers is called?

Accepted Answer

Trade Discount

Question 6

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

Accepted Answer

Cash Short

Question 7

Each unit of ownership in a corporation is called?

Accepted Answer

Share of Stock

Question 8

An owner of one or more shares of a corporation is called?

Accepted Answer

Stockholder

Question 9

What is the price a business pays for goods it purchases to sell?

Accepted Answer

Cost of Merchandise

Question 10

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

Accepted Answer

Vendor

Question 11

A merchandising business that buys & resells merchandise to retail merchandising businesses?

Accepted Answer

Wholesale Merchandising business

Question 12

A merchandising business that sells to those who use or consume the goods is called?

Accepted Answer

Retail Merchandising Business

Question 13

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

Accepted Answer

Special Journal

Question 14

The retail price listed in a catalog or on the Internet is called?

Accepted Answer

List Price

Question 15

Goods that a business purchases to sell is?

Accepted Answer

Merchandise

Questions 15