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Ch. 16 Acct.

Vocabulary

QuestionAnswer
cost of merchandise sold the total original price of all merchandise sold during a fiscal period
gross profit on sales the revenue remaining after cost of merchandise sold has been deducted
distribution of net income statement a partnership financial statement showing net income or loss distribution to partners
owner's equity statement a financial statement that summarizes the changes in owners' equity during a fiscal period
supporting schedule a report prepared to give details about an item on a principal financial statement
Created by: otakugirl29
Popular Accounting sets

 

 



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