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tr ch5-2

Chapter 5 Part 2

QuestionAnswer
net purchases purchases less purchase discounts and purchase returns and allowances
net sales revenue sales revenue less sales discounts and sales returns and allowances
operating expenses expense that is outside the main operations of a business, such as a loss on the sale of plant assets
operating income gross profit minus operating expenses plus any other operating revenues. also called income from operations
other expenses expenses, other than cost of goods sold, that are incurred in the entity's major line of business. examples include rent, depreciation, salaries, wages, utilities, and supplies expense
other revenue revenue that is outside the main operations of a business, such as a gain on the sale of plant assets
periodic inventory system system in which the business does not keep a continuous record of inventory on hand. at the end of the period, it makes a physical count of on-hand inventory and uses this information to prepare the financial statements
perpetual inventory system the accounting inventory system in which the business keeps a running record of inventory and cost of goods sold
sales the amount that a merchandiser earns from selling its inventory. also called sales revenue
sales discount reduction in the amount receivable from a customer, offered by the seller as an incentive for the customer to pay promptly. a contra asset to sales revenue
sales returns and allowances decreases in the seller's receivable from a customer's return of merchandise or from granting the customer an allowance from the amount owed to the seller. a contra account to sales revenue
sales revenue the amount that a merchandiser earns from selling its inventory. also called sales
single-step income statement format that groups all revenues together and then lists and deducts all expenses together without drawing any subtotals
Created by: tomrobbins
 

 



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