Accounting Vocab 14

A business that sells to the
final user, the consumer.

• inventory

• merchandise

• wholesaler

• retailer

A business that sells to the retailers.

• Retailer
• Distributor
• Wholesaler
• Manufacturer

Goods bought to resell to customers.

• assets

• equity

• liabilities

• merchandise

The items of merchandise a business has in stock.

• Assets
• Supplies
• Stockpile
• Inventory

A revenue account to record the amount of the merchandise sold.

• Profit

• Income

• Expense

• Sales

The sale of merchandise that
will be paid for at a later date.

• Debit sales
• Cash sales
• Sales on account

• Inventory sales

A customer to whom a sale on account is made.

• Accounts Payable
• Inventory
• Cash Flow
• Charged customer

A card issued by a business
containing a customer’s name and
account number that facilitates the
sale on account.

• Debit Card
• Membership Card
• Credit Card
• Gift Card

A form that lists the details
of a sale.

• Sales slip

• Balance Sheet
• Purchase Order
• Receipt

A tax levied by a city or
state on the retail sale of goods and services.

• Sales Tax
• Excise Tax
• Property Tax
• Income Tax