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Define in own words please CHAPTER 6 – Accounting for Merchandising Businesses Asset turnover Cost of merchandise sold –...

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Accounting

Define in own words please

CHAPTER 6 – Accounting forMerchandising Businesses

  1. Asset turnover
  2. Cost of merchandise sold – (5 points extra – if you can tell mewhat this is also known as) You will hear this acronym more oftenthan Cost of merchandise sold…
  3. Credit memo
  4. Credit terms
  5. Debit memo
  6. FOB (free on Board) destination
  7. FOB (free on board) shipping point
  8. Gross profit
  9. Operating income
  10. Invoice
  11. Purchases discounts
  12. Purchases returns and allowances
  13. Sales discounts
  14. Trade discounts
  15. Administrative expenses (general expenses)

Answer & Explanation Solved by verified expert
4.1 Ratings (607 Votes)
Asset turnover Asset turnover is an efficiency ratio which measures the number of times the assets are generating turnover in the business Asset turnover Sales revenueTotal assets Cost of merchandise sold The cost of merchandise is the cost of sales during the period The cost can be assigned based on FIFO LIFO weighted average or specific identification method Cost of merchandise sold Opening Inventory Net Purchases Closing inventory Credit Memo A credit memo is a document given by seller to buyer for sales    See Answer
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