Accounting Chapter 16

The revenue earned by a business from its normal business operations.

• operating expenses
• long-term liabilities
• Operating revenues
• gross profit

The amount of sales, less sales discounts and sales returns and allowances.

• net sales
• par value
• long-term liabilities
• gross profit

The original price of all merchandise sold during a fiscal period.

• supporting schedule
• long-term liabilities
• cost of merchandise sold
• income from operations

The revenue remaining after cost of merchandise sold has been deducted.

• net sales
• par value
• income from operations
• gross profit

The expenses incurred by a business in its normal operations.

• operating revenue
• supporting schedule
• income from operations
• operating expenses

The operating revenue remaining after the cost of merchandise sold and operating expenses have been deducted.

• operating revenue
• supporting schedule
• income from operations
• operating expenses

A financial statement that shows changes in a corporation’s ownership for a fiscal period.

• statement of stockholders’ equity
• supporting schedule
• income from operations
• long-term liabilities

A value assigned to a share of stock and printed on the stock certificate.

• par value
• income from operations
• supporting schedule
• long-term liabilities

Liabilities due within a short time, usually within a year.

• cost of merchandise sold
• supporting schedule
• current liabilities
• long-term liabilities

Liabilities owed for more than a year.

• cost of merchandise sold
• supporting schedule
• current liabilities
• long-term liabilities