CHAPTER 9 VOCAB - LESSONS 2, 3, 4

Front

A LIST OF ASSETS, USUALLY CONTAINING THE VALUE OF INDIVIDUAL ITEMS IS CALLED...

Back

INVENTORY

Front

THE GOODS A BUSINESS HAS ON HAND FOR SALE TO CUSTOMERS IS CALLED WHAT KIND OF INVENTORY?

Back

MERCHANDISE

Front

AN INVENTORY DETERMINED BY KEEPING A CONTINUOUS RECORD OF INCREASES, DECREASES, AND THE BALANCE ON HAND OF EACH ITEM OF MERCHANDISE IS CALLED...

Back

PERPETUAL

Front

A MERCHANDISE INVENTORY EVALUATED AT THE END OF A FISCAL PERIOD IS CALLED...

Back

PERIODIC

Front

WHEN A PERIODIC INVENTORY IS CONDUCTED BY COUNTING, WEIGHING, OR MEASURING ITEMS OF MERCHANDISE ON HAND, IT IS CALLED...

Back

PHYSICAL

Front

NEXT YEAR, WOULD YOU WANT TO TAKE ACCOUNTING II, IT WOULD BE A QUARTER LONG CLASS...tPAUL WOULD BE THE TEACHER?

Back

YES, NO WAY!, IDK

Front

THE AMOUNT A BUSINESS PAYS FOR GOODS IT PURCHASES TO SELL IS CALLED...

Back

COST OF MERCHANDISE

Front

A TRANSACTION IN WHICH THE ITEMS PURCHASED ARE TO BE PAID FOR LATER IS CALLED...

Back

PURCHASES ON ACCOUNT

Front

A ______ IS A SPECIAL JOURNAL USED TO RECORD ONLY PURCHASES OF MERCHANDISE ON ACCOUNT.

Back

PURCHASES

Front

WHEN RECORDING THE TRANSACTIONS OF TRADE DISCOUNT AND PURCHASES DISCOUNT, WHAT IS THE MAJOR DIFFERENCE?

Back

DISCOUNT IS NOT RECORDED IN THE JOURNAL