Examlex
Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Leonardo da Vinci
Gross Profit
The difference between revenue from sales and the cost of goods sold, indicating the amount before deducting operating expenses, taxes, and other charges.
Merchandiser
A business entity that purchases goods for resale at a profit, engaging in activities that include buying, storing, and selling merchandise.
Perpetual Inventory System
An accounting method where inventory levels are updated in real-time after every receipt or sale of items.
Physical Count
A method used in inventory management to ensure the actual number of physical goods matches the recorded inventory.
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