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Chapter 16

TermDefinition
Operating Revenue The Revenue Earned by a business from its normal business operations
Net Sales The amount of sales, less sales discounts and sales returns and allowances
Cost of Merchandise Sold The original price of all merchandise sold during a fiscal period
Gross Profit The operating revenue remaining after cost of merchandise sold has been deducted
Operating Expenses The expenses incurred by a business in its normal operations
Income from Operations The operating revenue remaining after the cost of merchandise sold and operating expenses have been deducted
Statement of Stockholder’s equity A financial statement that shows changes in a corporations ownership for a fiscal period
Par Value A value assigned to a share of stock and printed on the stock certificate
Current Liabilities Liabilities due within a short time, usually within a year
Long-term Liabilities Liabilities owed for more than a year
Supporting Schedule A reported prepared to give details about an item on a principal financial statement
Created by: andrew.v