Chapter 9 Test

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

A document sent from a buyer to a vendor to request items for purchase (a formal request)

A system of inventory control in which the inventory records are always current

The seller's sales invoice, which is sent to the purchaser. 

Goods on hand for resale - to use to make a profit

The date on which a financial obligation must be repaid

A ledger that is summarized in a single general ledger account

A business that purchases finished goods for resale

A list of possessions or goods on hand

A request to buy something (usually sent within a company)

What is the discount amount if you pay for something that is $150 with a 2% discount (DISCOUNT)

An actual count of merchandise to determine the exact quantity on hand is referred to as....

After I fill out a requisition for items, what form is done next?

When do you post the purchase discount column?

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

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

The list price less all trade discounts

When do I post the purchases discount amount?

What would cash be credited if I paid an invoice of $150 with 5% discount?

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