Matcih ine accouning terminology to the definibons (Chick the icon to view the d
ID: 2561827 • Letter: M
Question
Matcih ine accouning terminology to the definibons (Chick the icon to view the definitions ) Term Definition More Info 1. Cost ot Goods Sold 2. Perpetual inventory syshem 3. Vendor 4. Penodic inventory system 5. Operating expenses a. An invontory system tmat requres businesses to obtain a physcal count of iventory detortrino quanlities on band 6. Gross protit b. Expenses, onor than Cast of Goods Sod hat are ncurred in the antity's mac ongcing operations Excess of Net Sales Revenue over Cost of Goods Sold d. The cost of merchandise nventory that the business has sold to customs The indrvidual or business from whom a compeny purchases goods t. An An inventory system that keeps a rurning compueeaed recont of merhn wr Print Done Choose trom any drop-down list and then cick Check Answer Clear A All parts showing OeExplanation / Answer
1 - d
Cost of goods sold: The cost of merchandise inventory that the business has sold to customers
2 - f
Perpetual inventory system: An inventory system that keeps a running computerized record of merchandise inventory
3 - e
Vendor: The individual or business from whom the company purchases goods
4 - a
Periodic inventory system: An inventory system that requires businesses to obtain a physical count of inventory to determine quantities on hand
5 - b
Operating expenses: Expenses, other than Cost of Goods Sold that are incurred in entity's major ongoing operations
6 - c
Gross Profit: Excess of Net sales revenue over Cost of goods sold