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tr ch5-1

Chapter 5 Part 1

QuestionAnswer
cost of goods sold entity's cost of its inventory that has been sold to customers
cost of sales merchandiser's major expense
gross margin net sales revenue minus cost of goods sold
gross margin percentage one of the most carefully watched measures of profitability(see gross profit percentage)
gross profit net sales revenue minus cost of goods sold
gross profit percentage (gross profit)/(net sales revenue)= xx.x% [see gross margin percentage]
income from operations gross profit minus operating expenses plus any other operating revenues equals this
inventory includes all the goods a company owns and holds for sale in the normal course operations
inventory turnover the ratio of cost of goods sold to average inventory, indicates how rapidly inventory is sold
invoice sellers request for cash from the purchaser
multi-step income statement lists important subtotals and in addition to net income reports gross profit and income from operations
Created by: tomrobbins
Popular Accounting sets

 

 



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