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Accounting chapter 9 questions & answers. $9.69   Add to cart
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Accounting chapter 9 questions & answers.
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  • Accounting 101
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  • Accounting 101

Accounting chapter 9 questions & answers.

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  • August 29, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting chapter 9 questions answers

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  • Accounting 101
  • Accounting 101

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Accounting chapter 9 questions &
answers.
Goods that a business purchases to sell ANS - Merchandise



A business that purchases and sells goods ANS - Merchandising business



A merchandising business that sells to those who use or consume the goods ANS - Retail merchandising
business



A business that buys and resells merchandise to retail merchandising businesses ANS - Wholesale
merchandising business



An organization with the legal rights of a person and which many persons own ANS - Corporation



Each unit of ownership in a corporation ANS - Share of stock



Total shares of ownership in a corporation ANS - Capital stock



An owner of one or more shares of a corporation ANS - Stockholder



A journal used to record only one kind of transaction ANS - Special journal



The price a business pays for goods it purchases to sell ANS - Cost of merchandise



The amount added to the cost of merchandise to establish the selling price ANS - Markup



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

, A transaction in which the merchandise purchased is to be paid for later ANS - Purchase on account



A special journal used to record only purchases of merchandise on account ANS - Purchases journal



A journal amount column headed with an account title ANS - Special amount column



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



An agreement between a buyer and a seller about payment for merchandise ANS - Terms of sale



A special journal used to record only cash payment transactions ANS - Cash payments journal



A deduction that a vendor allows on the invoice amount to encourage prompt payment ANS - Cash
discount



A cash discount on purchases taken by a customer ANS - Purchases discount



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



The retail price listed in a catalog or on an Internet site ANS - List price



A reduction in the list price granted to customers ANS - Trade discount



An account that reduce a related account on a financial statement ANS - Contra account



A petty cash on head amount that is less than a recorded amount ANS - Cash short



A petty cash on hand amount that is more than a recorded amount ANS - Cash over

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