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:

Water Pollution

The contamination of water bodies (e.g., lakes, rivers, oceans, aquifers) with pollutants that degrade water quality and ecosystem health.

Investing Activities

Part of the cash flow statement that shows the cash spent on and generated from long-term asset operations and investments.

Long-Term Investments

Investments in stocks, bonds, or other assets that a company intends to hold for more than one fiscal year.

Interest Revenue

Income earned from lending money or investing in interest-bearing financial instruments.