Are girlfriend looking for accountancy terms and definitions roughly sales, inventory and cost of items sold? right here they are:

Sales discount – A reduction offered by a seller for prompt payment that a credit sale.

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Sales invoice – A paper that supports each credit sale.Sales returns and allowances – acquisition returns and also allowances indigenous the seller’s perspective. See acquisition return and Purchase allowance, above.Net sales – Sales much less sales returns and allowances and also less sales discounts.Sales revenue (Sales) – The primary resource of revenue in a merchandising company.Contra-revenue account – one account that is offset versus a revenue account ~ above the income statement.Cost of products sold – The total cost of goods sold during the period.Periodic perform system – an inventory system under i beg your pardon the firm does not keep detailed inventory records throughout the accounting duration but identify the cost of items sold only at the end of an accountancy period.Perpetual perform system – one inventory device under which the firm keeps in-depth records the the cost of every inventory purchase and sale and the records continuously display the perform that need to be ~ above hand.Raw materials – basic goods that will be used in production yet have not yet been inserted into production.Work in process – That part of manufactured inventory that has been put into the production process but is not yet complete.Finished products inventory – made items that are completed and ready for sale.Purchase allowance – A deduction made come the selling price that merchandise, granted through the seller so the the the person who lives will save the merchandise.Purchase discount – A cash discount declared by a buyer for prompt payment of a balance due.Purchase invoice – A document that supports each credit transaction purchase.Purchase return – A return of items from the buyer to the seller for a cash or credit refund.Gross profit – The overabundance of network sales over the price of goods sold.Gross profit rate – Gross profit expressed as a percentage, by separating the lot of gross profit by network sales.Income native operations – earnings from a company’s primary operating activity; determined by subtracting cost of goods sold and also operating costs from network sales.Multiple-step revenue statement – An income statement that mirrors several actions in determining network income.Nonoperating activities -Various revenues, expenses, gains, and also losses that are unrelated to a company’s main line that operations.Operating expenses – costs incurred in the process of earning sales revenues.Other expenses and losses – A nonoperating-activities ar of the earnings statement that shows expenses and also losses unrelated come the company’s main line the operations.Other revenues and also gains – A nonoperating-activities section of the revenue statement that shows revenues and also gains unrelated come the company’s key line of operations.Single-step income statement – An earnings statement the shows only one step in determining network income.FOB destination – Freight state indicating the the seller areas the goods cost-free on plank to the buyer’s ar of business, and the seller payment the freight.FOB shipping point – Freight state indicating that the seller places goods totally free on plank the carrier, and also the buyer pays the freight costs.

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