問題一覧
1
- shows a business' performance through profit or loss for a specific period
statement of comprehensive income
2
- obtained by preparing an income statement, where revenues, expenses, gains, and are presented over a given period
net income
3
- consists of all unrealized gains and losses that are not reflected in the income statement
other comprehensive income
4
methods in preparing sci
single step approach multi step approach
5
the simpler way of presenting a business's income statement ideal for presenting the financial performance of service businesses
single step approach
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the total amount that the business generated from rendering services to the customers
income/revenue
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the total amount of money spent or incurred by a business to generate income
expenses
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the positive result where the total revenues are greater than the total expenses
net income
9
the negative result where the total expenses are greater than the total revenues
net loss
10
computes the cost of goods sold and gross profit reports the operating and non-operating expenses separatelv ideal for merchandising businesses
multi step approach
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elements in multi step approach
Sales Cost of Goods Sold Gross Profit
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the total amount that the company generates from selling goods
sales
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found on the opposite side of the sales account
contra sales
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the amounts involved when customers return their items for reasons such as but not limited to defects
sales return and allowances
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the amounts used to record the early payments made by the customers
sales discount
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Sales - (Sales Returns and Allowances + Sales Discounts)
net sales
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the total cost incurred in producing the goods sold to customers - involves direct expenses such as raw materials, labor, and shipping costs.
cost of good solds
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the total amount of inventory at the beginning of the period
beginning inventory
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the total amount of goods bought during the current accounting period
purchase
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the account that is being credited as an opposite to the normal balance of purchases
contra purchase
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the amount used in recording the transportation costs of merchandise purchased by a company
freight in
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represents the remaining amount of inventory at the end of the period
ending inventory
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computed by deducting the Cost of Goods Sold from Sales.
gross profit
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expenses related to the business's function: sale and delivery of the merchandise
operating expense
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expenses that are not directly related to the merchandising functions of a business, but are necessary.
non operating expenses