Chapter 16 Accounting Vocab


Terms in this set (...)

The revenue earned by a business from its normal business operations.
operating revenue
The amount of sales, less sales discounts and sales returns and allowances.
net sales
The original price of all merchandise sold during a fiscal period
cost of merchandise sold
The revenue remaining after cost of merchandise sold has been deducted.
gross profit
The expenses incurred by a business in its normal operations.
operating expenses
The operating revenue remaining after the cost of merchandise sold and operating expenses have been deducted.
income from operations
A financial statement that shows changes in a corporation's ownership for a fiscal period
statement of stockholders' equity
A value assigned to a share of stock and printed on the stock certificate.
par value
Liabilities due within a short time, usually within a year.
current liabilities
Liabilities owed for more than a year.
long term liabilities
A report prepared to give details about an item on a principal financial statement.
supporting schedule