Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Kimmel Ch. 5 vocab

contra revenue account an account that is offset against revenue account on the income statement
cost of goods sold (COGS) the total cost of merchandise sold during the period
gross profit the excess of net sales over the cost of goods sold
gross profit rate gross profit expressed as a percentage by dividing the amount of gross profit by net sales
net sales sales less sales returns and allowances and sales discounts
periodic inventory system an inventory system in which a company does not maintain detailed records of goods on hand and determines the cost of goods sold only at the end of an accounting period
perpetual inventory system a detailed inventory system in which a company maintains the cost of each inventory item and the records continuously show the inventory that should be on hand
profit margin ratio measures the percentage of each dollar of sales that results in net income
profit margin ratio formula net income / net sales
purchase allowance a deduction made to the selling price of merchandise, granted by the seller so that the buyer will keep the merchandise
purchase discount a cash discount claimed by a buyer for prompt payment of a balance due
purchase invoice a document that supports each purchase
purchase return a return of goods from the buyer to the seller for cash or credit
quality of earnings ratio a measure used to indicate the extent to which a company's earnings provide a full and transparent depiction of its performance
quality of earnings ratio formula net cash provided by operating activities / net income
sales discount a reduction given by a seller for prompt payment of a credit sale
sales invoice a document that provides support for each sale
sales returns and allowances transactions in which the seller either accepts goods back from the purchaser (a return ) or grants a reduction in the purchase price (an allowance) so that teh buyer will keep the goods
sales revenue primary source of revenue in a merchandising company
Created by: 1387740222
Popular Accounting sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards