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accounting vocab 5/2

vocabulary

QuestionAnswer
net purchases purchasesa less purchasediscount and purchase returns and allowances
net sales revenue sales revenue less sales discount and sales returns and allowances
operating expenses expenses other than the cost of goods sold thta are incurred in the entities major line in buisness ... ex. wages rent depreceation utilities
operating income gross profit minus operating expenses plus any other operating revenues. also called income from operations
other expenses expense that is outside to the main operations of a buisness such as loss on the sale of plant assets
other revenue revenue that is outside the main operations of a buisness such as a loss on a sale of plant asset
other expenses expenses that is outside of a main company
periodic inventory system a system on which the buiness does not keep a continuous record of inventory
perpetual inventory system the accounting inventory inventory system in which the buisness keeps az running record of inventory and cost of goods sold
sales sales revenue
sales discount reduction in the amount receivable from a coustomer offeered by the seller as an incentive for the customer to pay promptly
sales return and allowances decreases in the sellers receivable from the
Created by: Dan Muszynski