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Ch. 16 Acct.
Vocabulary
Question | Answer |
---|---|
cost of merchandise sold | the total original price of all merchandise sold during a fiscal period |
gross profit on sales | the revenue remaining after cost of merchandise sold has been deducted |
distribution of net income statement | a partnership financial statement showing net income or loss distribution to partners |
owner's equity statement | a financial statement that summarizes the changes in owners' equity during a fiscal period |
supporting schedule | a report prepared to give details about an item on a principal financial statement |