Choose the Appropriate Letter to Match the Term and the Definition.There

question 48

Essay

Choose the appropriate letter to match the term and the definition.There are more definitions than terms.
Term
1.____ Cost of Goods Sold Equation
2.____ Goods Available for Sale
3.____ Gross Profit (or Gross Margin)
4.____ Gross Profit Percentage
5.____ Multistep Income Statement
Definition
A.The sum of beginning inventory and purchases for the period.
B.Expresses the relationship between inventory on hand,purchased,and sold; shown as either BI + P - EI = CGS or BI + P - CGS = EI.
C.The cost of inventory lost to theft,fraud,and error.
D.A reduction in the cost of inventory purchases associated with unsatisfactory goods.
E.A cash discount received for prompt payment of a purchase on account.
F.Refunds and price reductions given to customers after goods have been sold and found unsatisfactory.
G.A sales price reduction given to customers for prompt payment of their account balance.
H.Presents important subtotals,such as gross profit,to help distinguish core operating results from other,less significant items that affect net income.
I.Net sales minus cost of goods sold.It is a subtotal,not an account.
J.A ratio indicating the percentage of profit earned on each dollar of sales,after considering the cost of products sold.

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Definitions:

Collaborative Purchasing

A buying process where multiple parties come together to leverage collective bargaining power for better terms or prices.

Social Shopping

The combination of e-commerce and social networking sites, where users can shop for items while interacting and seeking opinions from others.

Blogs

Online journals or informational websites displaying information in reverse chronological order, with the latest posts appearing first.

Social Publishing

The process of creating and distributing content on social media platforms to engage audiences, build brand awareness, or promote products and services.