Examen
Accounting chapter 9 questions & answers.
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Accounting chapter 9 questions & answers.
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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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