Match the accounting terminology to the definitions (Click the icon to view the definitions.) Definition More Info 1. 2. 3. 4. Term Cost of Goods Sold Perpetual inventory system Vendor Periodic inventory system Operating expenses An inventory system that requires businesses to obtain a physical count of inventory to determine quantities on hand. Expenses, other than Cost of Goods Sold, that are incurred in the entity's major ongoing operations. a. b. 6. Gross profit c. Excess of Net Sales Revenue over Cost of Goods Sold d. The cost of merchandise inventory that the business has sold to customers. e. The individual or business from whom a company purchases goods f. An inventory system that keeps a running computerized record of merchandise inventory. Print Done
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