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Lecture 2

ACC 358 Lecture Notes - Lecture 2: Subledger, General Ledger, Financial StatementExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
2

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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
Buys and resells merchandise primarily to other merchandising business
Corporation
An organization with the legal rights of a person which many persons or other coproations may own
Capital
The assets or other financial resources available to a business
Share of Stock
Each unit of ownership in a corporatoin
Stockholder
The owner of one or more shares of stock
Capital Stock
The total shares of ownership in a corporation
Articles of Incorporation
A legal document that identifies basic characteristics of a corporation, is a part of the application
submitted to a state to become a corporation
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Charter
The legal right for a business to conduct operation as a corporation
Vendor
A business from which merchandise, supplies, or other assets are purchased
Subsidiary Ledger
A ledger that is summarized in a single general ledger account
Accounts Payable Ledger
The 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, 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 of each item of merchandise
Periodic Inventory
A merchandise inventory evaluated at the end of the fiscal period
Physical Inventory
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