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Accounting - Chapter 16
Terms in this set (11)
Cost of merchandise sold
The original price of all merchandise sold during a fiscal period.
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.
Liabilities owed for more than a year.
The amount of sales, less sales discounts and sales returns and allowances.
The expenses incurred by a business in its normal operations.
The revenue earned by a business from its normal business operations.
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.
A report prepared to give details about an item on a principal financial statement.
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