ACCT I Chapter 9 Quiz

Goods that a business purchases to sell are

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

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

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

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

Each unit of ownership in a corporation is called a

A cash discount on purchases taken by a customer is called a

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

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

A transaction in which the merchandise purchased is to be paid for later is called

Total shares of ownership in a corporation are called

Credit allowed for the purchase price of returned merchandise is called

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

A reduction in the list price granted to customers is called a

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

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

An organization with the legal rights of a person and which many persons may own 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

A business that buys and resells merchandise to retail merchandising businesses is called

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

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

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

A business that purchases and sells goods is called a

A journal amount column headed with an account title is called

The amount added to the cost of merchandise to establish the selling price is called

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

Credit allowed for part of the purchase price of merchandise that is not returned is called

A form showing the price deduction taken by the customer for returns and allowances is called