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accounting 2nd stack
vocabulary
| Question | Answer |
|---|---|
| cost of goods sold | The cost of the inventory that the business has sold to customers. |
| cost of sales | The cost of the inventory that the business that the business has sold to customers. |
| gross margin | Excess of net sales revenue over cost of goods sold. |
| gross margin percentage | Gross profit divided by net sales revenue. A measure of profitability. |
| gross profit | Excess of net sales revenue over cost of goods sold. |
| gross profit percentage | Gross profit divided by net sales revenue. A measure of profitability. |
| income from operations | Gross profit minus operating expenses plus any other operating revenues. |
| inventory | All the goods that the company owns and expects to sell in the normal course of operations. |
| inventory turnover | Ratio of cost of goods sold to average inventory. Measures the number of times a company sells its average level of inventory during a year. |
| invoice | A seller's request for cash from the purchaser. |
| multi-step income statement | Format that contains subtotals to highlight significant relationships. In addition to net income, it reports gross profit and operating income. |
Created by:
mattschultice
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