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Accounting 210

Chapter 6&7

TermDefinition
purchase order authorizes the purchase of the inventory from an approved vendor
physical inventory a detailed list of merchandise on hand
gross profit sales minus the cost of merchandise sold
inventory turnover the relationship between the volume of goods sold and inventory, computed by dividing the cost of good sold by the average inventory
consigned inventory merchandise that is shipped by manufactures to retailers who act as the manufacture's selling agent
consignor the name for the manufacturer in a consigned inventory arrangement
receiving report the form or electronic transmission used by the receiving personnel to indicate that materials have been received and inspected
retail inventory method a method of estimating inventory cost that is based on the relationship of gross profit to sales
consignee the name for the retailer in a consigned inventory arrangement
credit terms terms for payment on account by the buy to the seller
credit period the amount of the time the buyer is allowed in which to pay the seller
account form the form of balance sheet that resembles the basic format of the accounting equation with assets on the left side and liabilities and owner's equity sections on the right side
sales the total amount charged customers for merchandise sold, including cash sales and sale on account
report form the form of balance sheet with the liabilities and owner's equity sections presented below the assets section
invoice the bill that the seller sends to the buyer
merchandise inventory merchandise on hand(not sold) at the end of an accounting period
net sales revenue received for merchandise sold to customers less any sales returns and allowances and sales discounts
other expense expenses that cannot be traced directly to operations
other income revenue from sources other than the primary operating activity of a bisiness
sales discounts from the seller;s perspective, discounts that sellers may offer the buyer for early payment
Created by: gaston.gonzalez