| A | B |
|---|
| Inventory | A list of assets usually containing the value of individual items. |
| Merchandise Inventory | The goods a business has on hand for sale to customers. |
| Perpetual Inventory | An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand. |
| Periodic Inventory | A merchandise inventory evaluated at the end of a fiscal period. |
| Physical Inventory | When a periodic inventory is conducted by counting, weighing, or measuring items of merchandise on hand. |
| Cost of Merchandise | The amount a business pays for goods it purchases to sell. |
| Requisition | A form requesting the purchase of merchandise. |
| Purchase Order | A form requesting that a vendor sell merchandise to a business. |
| Special Journal | A journal used to record only one kind of transaction. |
| Purchase on Account | A transaction in which the items purchased are to be paid for later. |
| Purchases journal | Special journal used to record only purchases of merchandise on account. |
| Special Amount Column | A journal amount column headed with an account title. |
| Purchase Invoice | An invoice used as a source document for recording a purchase on account transaction. |
| Terms of Sale | An agreement between a buyer and a seller about payment for merchandise. |
| Due Date | The date by which an invoice must be paid. |
