Accounting - Chapter 9

The owner of one or more shares of stock.

• Corporation

• Share of stock

• Stockholder

• Wholesaler

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

• Contra account

• Controlling account

• Perpetual account

• Scheduling account

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

• Cash discount

• Credit limit

• List price

• Terms of sale

An account that reduces a related account on a financial statement.

• Contra account

• Controlling account

• Perpetual account

• Scheduling account

A deduction that a vendor allows on an invoice amount to encourage prompt payment.

• Cash discount

• Contra account

• Credit limit

• Trade discount

A form requesting the purchase of merchandise.

• Articles of incorporation

• Perpetual inventory

• Purchase order

• Requisition

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

• Articles of incorporation

• Corporation

• Retail merchandising business

• Wholesale merchandising business

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

• Credit limit

• List price

• Purchase order

• Terms of sale

Each unit of ownership in a corporation.

• Articles of incorporation

• Purchase order

• Requisition

• Share of stock

Which of the following is an example of a contra account?

• Accounts receivable

• Accounts payable

• Purchases

• Purchases discount

• Sales