Examlex
Which of the following is always recorded in the general journal?
Retail Inventory Method
An accounting method used by retailers to estimate inventory cost by relating the cost of goods sold to retail sales.
Net Sales
The amount of revenue a company generates from its sales activities after deducting any returns, allowances, and discounts.
Beginning Inventory
The value of a business's inventory at the start of an accounting period.
Lower-of-Cost-or-Market
An accounting principle that values inventory at the lower of its historical cost or market value.
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