Flashcards - Merchandising Operations and Inventory in Accounting

Flashcards - Merchandising Operations and Inventory in Accounting
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merchandising company
In the broadest sense, merchandising is any practice which contributes to the sale of products to a retail consumer
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Profit
Profit is an income distributed to the owner in a profitable market production process
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asset
In financial accounting, an asset is an economic resource
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accounts receivable
Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for
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debit
In double entry bookkeeping, debits and credits are entries made in account ledgers to record changes in value resulting from business transactions
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cost of goods sold
Cost of goods sold refer to the carrying value of goods sold during a particular period
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cost of goods sold
Cost of goods sold refer to the carrying value of goods sold during a particular period
debit
In double entry bookkeeping, debits and credits are entries made in account ledgers to record changes in value resulting from business transactions
accounts receivable
Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for
asset
In financial accounting, an asset is an economic resource
Profit
Profit is an income distributed to the owner in a profitable market production process
merchandising company
In the broadest sense, merchandising is any practice which contributes to the sale of products to a retail consumer
net realizable value
Net realizable value is a method of evaluating an asset's worth when held in inventory, in the field of accounting
Inventory purchases
Inventory or stock refers to the goods and materials that a business holds for the ultimate purpose of resale
inventory system
Inventory control or stock control can be broadly defined as "the activity of checking a shop’s stock"
accounting equation
The basic accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a business
Sales discounts
Discounts and allowances are reductions to a basic price of goods or services
costing method
Cost accounting is a process of collecting, recording, classifying, analyzing, summarizing, allocating and evaluating various alternative courses of action & control of costs

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