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Accounging 1 > Chapter 6 (KEY-terms) > Flashcards

Chapter 6 (KEY-terms) Flashcards

1
Q

How to count Gross profit?

A

Sales - Cost of merchandise sold

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2
Q

How to count Net Income for Merchandise businesses?

A

Gross profit - Operating expenses

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3
Q

What is Merchandise on hand (not sold) called on the end of an accounting period?

A

Merchandise inventory

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4
Q

What financial statement is Merchandise Inventory reported at and like what?

A

Balance sheet as a current asset

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5
Q

What is included in the OPERATING CYCLE?

A
  1. Spending cash
  2. Purchasing Activity (varuinköp)
  3. Products
  4. Sales Activity
  5. Account Receivable
  6. Receiving cash from customers
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Accounging 1 (3 decks)

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