Identify the Subject in the Sentence

question 54

Short Answer

Identify the subject in the sentence.
-He approves all travel requests.

Recognize the purposes and components of a voucher system in accounting practices.

Identify the roles of various documentation and files within the voucher system.

Understand the accounting treatment of purchases under the periodic system.

Understand the function and significance of the check register in accounting systems.

---

Definitions:

Cost of Goods Sold

The historical cost of products sold as reported in the income statement.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the profitability of a company's core activities.

Goods Available for Sale

The total quantity of goods that a company has in its stock ready to sell at the end of a financial period.

Absorption Costing

An accounting method that includes all manufacturing costs — direct materials, direct labor, and both variable and fixed overhead — in the cost of a product.