the

Vendor definition - What is vendor?

hello in this lecture we will define

vendor or vendor according to

fundamental accounting principles while

the 22nd edition the definition of

vendor is seller of goods or services so

when we're talking about the vendor

we're talking about the person who is

selling this seems obvious but it can be

difficult to know which side of the

transaction we are on and this is

especially true when we're talking about

book problems when we have to put

ourselves into the actual problem it's

also the case that we could use

different terminology such as the seller

of the goods rather than the vendor of

the goods and we have to know this type

of terminology as well so for example if

we have the person who is purchasing on

the left hand side we can also define

that as then be a term we don't see

quite as often we usually see the

purchaser of the goods but on the right

hand side we have the seller of the

goods which we could define as the

seller here but also often described as

the vendor the vendor of the goods is it

going to be a common term that will be

used in many transactions in many

textbooks so we have to know which side

of this transaction we're on and

obviously the difference between these

two words is slight in terms of the

vendee the person who is purchasing and

the vend or the person who is then

selling we need to know the distinction

between these two terms

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