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accounting 2nd stack

vocabulary

QuestionAnswer
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