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17 Cards in this Set
- Front
- Back
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comparable store sales
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a comparison of sales figures at established stores with existing "track records." aka same-store sales
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contra-revenue account
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a debit balance account that is offset against revenue in the income statemetns. examples include sales discounts and sales returnes and allowances
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control account
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a general ledger account that summarizes the content of a specific subsidiary ledger
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cost of goods sold
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the cost to a merchandising company of the goods it has sold to its customers during the period
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gross profit
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net sales revenue minus the cost of goods sold
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gross profit margin
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gross profit expressed as a percentage of net sales. aka gross profit rate
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inventory
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merchandise intended for resale to customers
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inventory shrinkage
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the loss of merchandise through such causes as shoplifting, breakage, and spoilage
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net sales
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gross sales revenue less sales returns and allowances and sales discounts. the most widely used measure of dollar sales volume; usually the first figure shown in an income statement
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operating cycle
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the repeating sequence of transactions by which a business generates its revenue and cash receipts from customers.
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periodic inventory system
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an alternative to the perpetual inventory system. ite eliminates the need for recording the cost of goods sold as sales occur. however, the amounts of inventory and the cost of goods sold are not known until a complete physical inventory is taken at year-end
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perpetual inventory system
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a system of accounting for merchandising transactions in which the Inventory and Cost of Goods Sold accounts are kept perpetually up-to-date
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point-of-sale system (POS) terminals
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electronic cash registered used for computer-based processing of sales transactions. The POS terminal identifies each item of merchandise from its bar code and then automatically records the sale and updates the computer-based inventory records. These terminals permit the use of perpetual inventory systems in many businesses that sell a high volume of low-cost merchandise
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sales per square food of selling space
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a measure of efficient use of available space
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special journal
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an accounting record or device designed for recording large numbers of a particular type of transaction quickly and efficiently. a business may use many differnt kidns of special journals
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subsidiary ledger
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a ledger containing seperate accounts for each of the items making up the balance of a control account in the general ledger. the total of the account balances in a subsidiary ledger are equal to the balance in the general ledger control account
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taking a physical inventory
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the procedure of counting all merchandise on hand and determining its cost
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