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Chapter 16
| Term | Definition |
|---|---|
| Operating Revenue | The Revenue Earned by a business from its normal business operations |
| Net Sales | The amount of sales, less sales discounts and sales returns and allowances |
| Cost of Merchandise Sold | The original price of all merchandise sold during a fiscal period |
| Gross Profit | The operating revenue remaining after cost of merchandise sold has been deducted |
| Operating Expenses | The expenses incurred by a business in its normal operations |
| Income from Operations | The operating revenue remaining after the cost of merchandise sold and operating expenses have been deducted |
| Statement of Stockholder’s equity | A financial statement that shows changes in a corporations ownership for a fiscal period |
| Par Value | A value assigned to a share of stock and printed on the stock certificate |
| Current Liabilities | Liabilities due within a short time, usually within a year |
| Long-term Liabilities | Liabilities owed for more than a year |
| Supporting Schedule | A reported prepared to give details about an item on a principal financial statement |
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andrew.v
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