Chapter 5 Part 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| cost of goods sold | entity's cost of its inventory that has been sold to customers
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| cost of sales | merchandiser's major expense
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| gross margin | net sales revenue minus cost of goods sold
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| gross margin percentage | one of the most carefully watched measures of profitability(see gross profit percentage)
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| gross profit | net sales revenue minus cost of goods sold
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| gross profit percentage | (gross profit)/(net sales revenue)= xx.x%
[see gross margin percentage]
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| income from operations | gross profit minus operating expenses plus any other operating revenues equals this
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| inventory | includes all the goods a company owns and holds for sale in the normal course operations
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| inventory turnover | the ratio of cost of goods sold to average inventory, indicates how rapidly inventory is sold
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| invoice | sellers request for cash from the purchaser
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| multi-step income statement | lists important subtotals and in addition to net income reports gross profit and income from operations
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
tomrobbins
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