Acct II - 9.1 - 9.2

Goods that a business purchases to sell

• Services

• Merchandise

• COGS

• Payables

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

• Wholesale

• Consumer

• Retail

• Service

Business that buys and resells merchandise primarily to other merchandising businesses

• Wholesaler

• Retailer

• Consumer

• IDK

An organization with the legal rights of a person which many persons may own share of...

• Sole Proprietor

• Patnership

• Corportation

• Non-Profit

The total shares of ownership in a corporation

• Preferred Stock

• Total Shares

• Stock Certificate

• Capital Stock

A state approves the formation of a corporation by issuing a _______, the legal right for a business to conduct operations as a corporation

• Contract

• Charter

• Certification

• Check

The goods a business has on hand for sale to customers

• COGS

• Receivables

• Merchandise Inventory

• Payables

The amount a business pays for goods it purchases to sell

• Cost of Mechandise

• Mark-up

• Mark-down

• Operating Expenses

A specialty journal used to track payables of vendors

• General Journal

• Purchases Jounal

• Cash Payments Journal

• Cash Receipts Journal

An entry to the Purchases Journal includes which 2 parts?

• Debit Cash

  Credit Purchases

• Debit Payables

  Credit Receivables

• Debit Purchases

  Credit Payables

• Debit Payables

  Credit Cash