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TVS Accounting1-Extr

Accounting 1 Extra terms

QuestionAnswer
The amount of goods on hand for sale to customers Merchandise Inventory
The total original price of all merchandise sold during a fiscal period Cost of Merchandise Sold
Assets expected to last or be in use for less than one year Current Assets
A partnership financial statement showing net income or loss distribution to partners Distribution-of-net-income statement
The revenue remaining after cost of merchandise sold has been deducted Gross Profit on Sales
The actual amount paid for merchandise or other items bought Historical Cost
The amount of goods on hand Inventory
A financial statement that summarizes the changes in owner's equity during a fiscal period Owner's Equity Statement
Assets that will be used for a number of years in the operation of a business Plant Assets
An amount earned by a corporation and not yet distributed to stockholders Retained earnings
A report prepared to give details about an item on a principal financial statement Supporting Schedule
Created by: TammieVanScyoc on 2013-04-24



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