| A | B |
|---|
| Captial Stock | Total shares of ownership in a corporation. |
| Cash Discount | A deduction that a vendor allows on the invoice amount to encourage prompt payment. |
| Cash Payment Journal | A journal used to record only cash payment transactions. |
| Contra Account | An account taht reduces a related account on a financial statemnet. |
| Corporation | An organization with the legal rights of a person and which many persons may own. |
| Cost of Merchandise | The price a business pays for goods it purchases to sell. |
| Debit Memorandum | A form prepared by the customer showing the price deduction taken by the customer for returns and allowances. |
| List Price | The retail price lsited in a catalog or on an Internet site. |
| Markup | The amount added to the cost of merchandise to establish the selling price. |
| Purchase Invoice | An inovice used as a source document ofr recording a purchase on account transaction. |
| Purchase on Account | A transaction in which the merchandise is to be paid for later. |
| Purchase Allowance | Credit allowed for part of the pruchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable. |
| Purchases Discount | A cash discount on pruchases taken by a customer. |
| Purchases Return | Credit allowed for the pruchase price of returned merchandise, resulting in a decrease in the customer's accounts payable. |
| Share of Stock | Each unit of ownership in a corporation. |
| Stockholder | An owner of one or more shares of a corporation. |
| Terms of Sale | An agreement between a buyer and a seller about payment for merchandise. |
| Trade Discount | A reduction in the list price granted to customers. |
| Vendor | A business from which merchandise is purchased or supplies or other assets are bought. |
