Taking Single Items of Information and Grouping Them on the Basis

question 54

Short Answer

Taking single items of information and grouping them on the basis of similarity or some other organizing principle is known as .

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Definitions:

Net Sales

The total revenue from sales transactions after subtracting returns, allowances for damaged or missing goods, and any discounts offered.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials, labor, and overhead costs.

Net Income

The final amount of profit made by a company once it subtracts all costs and taxes from its overall revenues.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting sold goods.