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Perpetual Inventory System
This technique documents transactions of inventory sales or purchases in real-time, utilizing computer-based point-of-sale systems and software designed for managing company assets.
Physical Inventory
The process of counting the actual items of inventory in stock to verify records and accounts.
Single-Step Income Statement
A form of income statement in which the total of all expenses is deducted from the total of all revenues.
Gross Profit
The difference between sales revenue and the cost of goods sold before deducting overhead, payroll, taxes, and interest.
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