Under the ________ Inventory System,no Entries Are Made to the Merchandise

question 99

Short Answer

Under the ________ inventory system,no entries are made to the merchandise inventory or cost of goods sold account during the year.

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Definitions:

Dividends

Disbursements from profits made by a corporation to its shareholders.

Interest Expense

The cost incurred by an entity for borrowed funds, which is considered an operating expense.

Net Capital Spending

This term refers to the total amount a company spends on acquiring or maintaining fixed assets, minus any sales of these assets, over a given period.

Earnings Per Share

A financial metric that measures the amount of a company's profit attributable to each outstanding share of common stock, calculated as net income divided by the number of outstanding shares.