Merchandise Inventory
Revision as of 09:01, 20 December 2018 by Gary (talk | contribs) (Created page with "Merchandise Inventory is an asset and perpetual inventory system account that records purchases of merchandise. Discounts and returns are recorded in this account for the...")
Merchandise Inventory is an asset and perpetual inventory system account that records purchases of merchandise. Discounts and returns are recorded in this account for the buyer.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Merchandise Inventory. An asset and perpetual inventory system account that records purchases of merchandise. Discounts and returns are recorded in this account for the buyer.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
