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Chapter 6 terms

Stack #38800

Acctg Ch 6Definitions
Cost of Merchandise Sold The cost is reported as en expense when merchandise is sold.
Gross Profit Sales - CMS
Merchandise Inventory Unsold merchandise at end of an acctg period.
Net Income Gross Profit - Operating expenses
Sales The total amt charged customers for mdse sold, including cash sales and sales acct.
Sales Ret. & Allow. From the seller's view, returned mdse or an adjmnt. for defective mdse.
Sales Discount From the seller's view, discounts that a seller may offer the buyer for early payment.
Net Sales - sales ret. & allow. and sales discounts from sales.
Created by: Jaime4