tr ch5-1 Word Scramble
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Question | Answer |
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
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