Total sales less sales discount and sales returns and allowances
What is net sales?
100
The total original price of all merchandise sold during a fiscal period
What is Cost of Merchandise Sold OR Cost of Goods Sold OR Cost of Sales?
100
One way to increase gross profit on sales
What is Increase Sales Revenue?
100
A financial statement that summarizes the changes in owners' equity during a fiscal period
What is Statement of Stockholders' Equity?
100
An example of a current liability
What is Dividends Payable OR Health Insurance Premiums Payable OR Unemployment Payable OR Any Tax Payable
200
The percentage relationship between one financial statement item and the total that includes that item
What is Component Percentage?
200
The revenue remaining after cost of merchandise sold has been deducted
What is gross profit on sales?
200
One way a business determines acceptable component percentages
What is making comparisons with prior fiscal periods OR comparing with industry standards?
200
A value assigned to a share of stock and printed on the stock certification
What is par value?
200
An example of a Long Term liability
What is Mortgage Payable?
300
The revenue remaining after cost of merchandise sold has been deducted
What is Gross Profit on Sales?
300
Three main sections of the income statement of a merchandising business
What are the REVENUE section, COST OF MERCHANDISE SOLD section, and EXPENSES section?
300
A comparison between two items of financial information
What is financial ratio?
300
Amounts used to prepare the statement of stockholders' equity are obtained from these two places on the worksheet...
What is the balance sheet and income statement?
300
An example of a supporting schedule
What are schedule of accounts payable OR schedule of accounts receivable?
400
Liabilities due within a short time (usually within a year)
What are current liabilities?
400
Beginning merchandise inventory plus purchases made during the fiscal period less ending inventory equals this...
What is cost of merchandise sold?
400
The relationship between the market value per share and earnings per share of a stock. The ratio is often referred to as the P-E Ratio.
What is Price Earnings Ratio?
400
A financial statement that reports the amount of dividends
What is a statement of stockholders' equity?
400
The difference between an asset's account balance and its related contra account balance
What is Book Value?
500
A report prepared to give details about an item on a principal financial statement
What is a supporting schedule (supplementary report or an exhibit)
500
This accounting concept is applied by preparing financial statements in the same way from one fiscal period to the next.
What is Consistent Reporting?
500
One way to improve an unacceptable component percentage for cost of merchandise sold
What is purchase from different vendors who offer better prices?
500
Preparing financial statements that provide information about a business's financial condition, changes in this financial condition, and the progress of operations is an application of this accounting concept
What is Adequate Disclosure?
500
A corporation's balance sheet reports assets, liabilities, and stockholder's equity on a specific date. This is an example of this Accounting Concept...