GO ti in ng prof More info b. C. d. Definition e. f. An inventory system that requires businesses to obtain a physical count of inventory to determine quantities on hand. Expenses, other than Cost of Goods Sold, that are incurred in the entity's major ongoing operations. Excess of Net Sales Revenue over Cost of Goods Sold. The cost of merchandise inventory that the business has sold to customers. The individual or business from whom a company purchases goods. An inventory system that keeps a running computerized record of merchandise inventory. Print Done X
GO ti in ng prof More info b. C. d. Definition e. f. An inventory system that requires businesses to obtain a physical count of inventory to determine quantities on hand. Expenses, other than Cost of Goods Sold, that are incurred in the entity's major ongoing operations. Excess of Net Sales Revenue over Cost of Goods Sold. The cost of merchandise inventory that the business has sold to customers. The individual or business from whom a company purchases goods. An inventory system that keeps a running computerized record of merchandise inventory. Print Done X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I
Transcribed Image Text:Match the accounting terminology to the definitions.
(Click the icon to view the definitions.)
1.
2.
3.
4.
5.
6.
Term
Cost of Goods Sold
Perpetual inventory system
Vendor
Periodic inventory system
Operating expenses
Gross profit
Definition
Transcribed Image Text:So
al i
in
ng
prof
More info
a. An inventory system that requires businesses to obtain a physical count of inventory to
determine quantities on hand.
Expenses, other than Cost of Goods Sold, that are incurred in the entity's major
ongoing operations.
Excess of Net Sales Revenue over Cost of Goods Sold.
b.
C.
Definition
d.
e.
f.
The cost of merchandise inventory that the business has sold to customers.
The individual or business from whom a company purchases goods.
An inventory system that keeps a running computerized record of merchandise inventory.
Print
Done
- X
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