11 terms

Accounting - Chapter 16


Terms in this set (...)

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