| A | B |
|---|
| merchandise | goods that a business purchases to sell |
| merchandising business | a business that purchases and resells goods |
| retail merchandising business | a merchandising business that sells to those who use or consume the goods |
| wholesale merchandising business | a merchandising business that buys and resells merchandise primarily to other merchandising businesses |
| corporation | an organization with the legal rights of a person which many persons or other corporations may own |
| capital | the assets or other financial resources available to a business |
| share of stock | each unit of ownership in a corporation |
| stockholder | the owner of one or more shares of stock |
| capital stock | total shares of ownership in a corporation |
| articles of incorporation | a legal document that identifies basic characteristics of a corporation and is part of the application submitted to a state to become a corporation |
| charter | the legal right for a business to conduct operations as a corporation |
| vendor | ”a business from which merchandise |
| subsidiary ledger | ”a ledger that is summarized in a single general ledger account |
| accounts payable ledger | a subsidiary ledger containing vendor accounts |
| controlling account | an account in a general ledger that summarizes all accounts in a subsidiary ledger |
| inventory | ”a list of assets |
| 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 |
| periodic inventory | a merchandise inventory evaluated at the end of a fiscal period |
| physical inventory | ”when a periodic inventory is conducted by counting |
