Accounting Chapter 9 Review

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

• retail merchandising business

• wholesale merchandising business

A business that buys and resells merchandise primarily to other merchandising businesses.

• retail merchandising business

• wholesale merchandising business

Each unit of ownership in a corporation.

• share of stock

• articles of incorporation

• stockholder

An organization with the legal rights of a person which many persons or other corporations may own.

• corporation

• retail merchandising business

• wholesale merchandising business

The owner of one or more shares of stock.

• share of stock

• articles of incorporation

• stockholder

A legal document that identifies basic characteristics of a corporation.

• share of stock

• articles of incorporation

• stockholder

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

• controlling account

• contra account

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

• list price

• trade discount

• cash discount

A reduction in the list price granted to a merchandising business.

• list price

• trade discount

• cash discount

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

• terms of sale

• purchase order

• requisition