問題一覧
1
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
2
expenses related to the business's function: sale and delivery of the merchandise
operating expense
3
the total amount of goods bought during the current accounting period
purchase
4
the negative result where the total expenses are greater than the total revenues
net loss
5
computed by deducting the Cost of Goods Sold from Sales.
gross profit
6
- consists of all unrealized gains and losses that are not reflected in the income statement
other comprehensive income
7
found on the opposite side of the sales account
contra sales
8
the amount used in recording the transportation costs of merchandise purchased by a company
freight in
9
the total amount that the business generated from rendering services to the customers
income/revenue
10
Sales - (Sales Returns and Allowances + Sales Discounts)
net sales
11
the positive result where the total revenues are greater than the total expenses
net income
12
- obtained by preparing an income statement, where revenues, expenses, gains, and are presented over a given period
net income
13
methods in preparing sci
single step approach multi step approach
14
the amounts used to record the early payments made by the customers
sales discount
15
the total amount that the company generates from selling goods
sales
16
the account that is being credited as an opposite to the normal balance of purchases
contra purchase
17
expenses that are not directly related to the merchandising functions of a business, but are necessary.
non operating expenses
18
computes the cost of goods sold and gross profit reports the operating and non-operating expenses separatelv ideal for merchandising businesses
multi step approach
19
the amounts involved when customers return their items for reasons such as but not limited to defects
sales return and allowances
20
represents the remaining amount of inventory at the end of the period
ending inventory
21
the total amount of inventory at the beginning of the period
beginning inventory
22
the total amount of money spent or incurred by a business to generate income
expenses
23
- shows a business' performance through profit or loss for a specific period
statement of comprehensive income
24
elements in multi step approach
Sales Cost of Goods Sold Gross Profit
25
the simpler way of presenting a business's income statement ideal for presenting the financial performance of service businesses
single step approach