MANAGEMENT

Detailed explanation-1: -∎ Vendor – a business from which merchandise is purchased or supplies or other assets are bought. ∎ purchase on account – a transaction in which the merchandise purchased is to be paid for later.

Detailed explanation-2: -Goods that a business pur-chases to sell are called merchandise.

Detailed explanation-3: -Retail Merchandising Business: a merchandising business that sells to those who use or consume the goods. Wholesale Merchandising Business: A business that buys and resells merchandise to retail merchandising businesses.

Detailed explanation-4: -Inventory is the raw materials used to produce goods as well as the goods that are available for sale. It is classified as a current asset on a company’s balance sheet.