The ________ System Allows You to Write Each Transaction Once

question 55

Short Answer

The ________ system allows you to write each transaction once while recording it on four different accounting forms.

---

Definitions:

Gross Profit

It's the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.

Gross Profit

The difference between the revenue generated from sales and the cost of goods sold, before deducting overheads, payroll, taxation, and interest payments.

Perpetual Inventory System

It's a method in accounting where inventory sales and purchases are registered immediately using automated point-of-sale systems and enterprise asset management programs.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller, typically due to a return or rebate.