ACCT 201 CH 4
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Created by:
fiifiilapin on November 2, 2011
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Description:
chapter 4
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17 terms
Terms | Definitions |
|---|---|
 Merchandising Business | generate revenue by selling goods. |
| Merchandise Inventory | goods purchased for resale |
| Retail Companies | companies that sell goods to the final consumer |
| Wholesale Companies | companies that sell to other businesses |
| Product Cost | inventory costs |
| Period Cost | expenses in the period in which they are incurred |
| Gross Margin/ Profit | difference between sales revenue and the cost of goods sold |
| FOB Shipping Point | buyer pays |
| FOB Destination | seller pays |
| Transportaion In | buyer is responsible |
| Transportation Out | seller is responsible |
| Gain | difference between the sales price and the cost of land |
| Loss | the land sold for less than the cost |
| Operating Income | amount of income that is generated from the normal recurring operations of a business |
| Shrinkage | decreases in inventory for reasons other than sales to customers |
| Gross Margin Percentage | Gross Margin/Net Sales |
| Net Income Percentage (Return on Sales) | Net Income/Net Sales |
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