Accounting Terminology Listed Below Are Nine Technical Accounting Terms Introduced in This

question 66

Essay

Accounting terminology
Listed below are nine technical accounting terms introduced in this chapter:
Gross profit
Gross profit rate
General ledger
Cost of goods sold
Physical inventory
Subsidiary ledger
Perpetual inventory system
Periodic inventory system
Inventory shrinkage
Each of the following statements may (or may not)describe one of these technical terms.In the space provided below each statement,indicate the accounting term described,or answer "None" if the statement does not correctly describe any of the terms.
________ a.An approach to accounting for inventories and the cost of goods sold used primarily in small businesses with manual accounting systems.
________ b.A reason why perpetual inventory records may not be entirely accurate.
________ c.The difference between the revenue earned by selling merchandise and the cost of goods sold.
________ d.Gross profit divided by average total stockholders' equity.
________ e.An accounting procedure used in both perpetual and periodic inventory systems.In a perpetual system,this procedure brings to light the amount of inventory shrinkage.In a periodic system,it is the basis for computing the cost of goods sold.
________ f.An accounting record showing the individual items comprising the balance of a general ledger account.
________ g.The accounting record in which transactions initially are recorded.

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Definitions:

Exposure to Criticism

The experience of being subject to disapproval or judgment from others, which can impact self-esteem and personal growth.

Independent Variable

The variable in an experiment that is manipulated or changed by the researcher to observe its effect on the dependent variable.

Confounding Variables

External factors that can affect the outcome of an experiment, introducing errors by influencing the dependent variable alongside or instead of the independent variable.

Random Assignment

A method used in experiments to ensure that every participant has an equal chance of being assigned to any given group, helping to control for confounding variables.