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Lecture 1

ACC 358 Lecture Notes - Lecture 1: Financial Statement, Petty Cash, Accounts PayableExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
1

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Goods that a business purchases to sell
Merchandising Business
A business that sells purchases and sells goods
retail merchandising business
a merchandising business that sells to those who use and consume the goods
Wholesale Merchandsiding Business
A business that buys and resells merchandise to retailers
Corporation
An organization with the rights of a person which is owned by many people.
Share of Stock
A single unit of ownership in a corporation
Capital Stock
Total shares of ownership in a corporation
Stockholder
An owner of one or more shares of a corporation
Special Journal
A journal used to record only one kind of transaction
Cost of Merchandise
The price a business pays for goods it purchases to sell
Markup
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