Are you trying to find accounting terms and also definitions approximately sales, inventory and cost of goods sold? Here they are:Sales discount – A reduction offered by a seller for prompt payment of a credit sale.
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Sales invoice – A document that supports each crmodify sale.Sales returns and allowances – Purchase returns and allowances from the seller’s perspective. See Purchase rerevolve and also Purchase allowance, over.Net sales – Sales less sales returns and allowances and much less sales discounts.Sales revenue (Sales) – The primary resource of revenue in a merchandising agency.Contra-revenue account – An account that is counter versus a revenue account on the revenue statement.Cost of items sold – The complete cost of merchandise offered during the duration.Periodic inventory system – An inventory mechanism under which the company does not store in-depth inventory documents throughout the accounting period yet determines the price of items offered just at the finish of an bookkeeping period.Perpetual inventory system – An inventory device under which the company keeps in-depth records of the price of each inventory purchase and sale and also the documents repeatedly present the inventory that need to be on hand.Raw materials – Basic items that will certainly be supplied in production however have not yet been put right into production.Work in process – That percentage of produced inventory that has actually been put into the manufacturing procedure yet is not yet finish.Finished products inventory – Manufactured items that are completed and also prepared for sale.Purchase allowance – A deduction made to the marketing price of merchandise, granted by the seller so that the buyer will certainly keep the merchandise.Purchase discount – A cash discount claimed by a buyer for prompt payment of a balance due.Purchase invoice – A document that supports each crmodify purchase.Purchase return – A rerevolve of goods from the buyer to the seller for a cash or credit refund.Gross profit – The excess of net sales over the expense of goods offered.Gross profit rate – Gross profit expressed as a portion, by separating the amount of gross profit by net sales.Income from operations – Income from a company’s major operating activity; determined by subtracting cost of items sold and also operating expenses from net sales.Multiple-step income statement – An income statement that mirrors numerous measures in determining net revenue.Nonoperating activities -Various earnings, prices, gains, and also losses that are unregarded a company’s main line of operations.Operating expenses – Expenses incurred in the process of earning sales revenues.Other costs and also losses – A nonoperating-activities area of the earnings statement that shows prices and also losses unrelated to the company’s main line of operations.Other revenues and also gains – A nonoperating-tasks section of the revenue statement that shows profits and also gains unconcerned the company’s primary line of operations.Single-step earnings statement – An earnings statement that shows only one action in determining net revenue.FOB destination – Freight terms indicating that the seller areas the goods complimentary on board to the buyer’s location of business, and also the seller pays the freight.FOB shipping point – Freight terms indicating that the seller locations goods complimentary on board the carrier, and the buyer pays the freight prices.
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