accounting stack 2 Word Scramble
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Question | Answer |
net purchases | Purchases less purchase discounts and purchase returns and allowances. |
net sales revenue | Sale revenue less sales discounts and sales returns and allowances. |
operating expenses | Expenses other than cost of goods sold, that are incurred in the entity's major line of business. Examples include rent, depreciation, salaries, wages, utilities, and supplies expense. |
operating income | Gross profit minus operating expenses plus any other operating revenues. |
other expense | Expense that is outside the main operations of a business, such as a loss on the sale of plant assets. |
other revenue | Revenue that is outside the main operations of a business, such as a gain on the sale of plant assets. |
periodic inventory system | A system in which the business does not keep a comtinuous record of inventory on hand. At the end of hte period, it makes a physical count of on-hand inventory and uses this information to prepare the financial statements. |
perpetual inventory system | The accounting inventorysystem in which the business keeps a running record of inventory and cost of goods sold. |
sales | The amount that a memory chandiser earns from selling its inventory. Also called Sales Revenue. |
sales discount | Reduction in the amount receivable from a customer, offered by the seller as an incentive for the customer to pay promptly. A contra account to Sales Revenue |
sales returns and allowances | Decreases in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller. A contra account to Sales Revenue |
sales revenue | The amount that a memory chandiser earns from selling its inventory. |
single-step income statement | Format that groups all revenues together and then lists and deducts all expenses together without drawing any subtotals. |
Created by:
mattschultice
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