Accounting - Chapter 9 Review

Front

Goods a merchandising business purchases to sell are known as

Back

merchandise

Front

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

Back

retail merchandising business

Front

The amount added to the cost of merchandise to establish the selling price.

Back

markup

Front

The price a business pays for goods it purchases to sell.

Back

cost of merchandise

Front

A business that buys and resells merchandise to retail merchandising businesses.

Back

wholesale merchandising business

Front

An organization with the legal rights or a person and which many persons may own is a ______.

Back

corporation

Front

A journal used to record only one kind of transaction is known as a ______________ journal.

Back

special

Front

A journal amount column headed with an account title is known as a ______________.

Back

special amount column

Front

In Cycle One, we dealt with a service business that was a sole proprietorship. How is this different for Cycle Two? Options: partnership that is a retail merchandising business, sole proprietorship that is a retail merchandising business, corporation that is a service business, corporation that is a retail merchandising business

Back

corporation that is a retail merchandising business

Front

The purchases account is increased by a credit and decreased by a debit.

Back

False