Outflows or using up of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's major operations.

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a. Accumulated depreciation b. Balance sheet c. Accrued liabilities d. Current assets e. Current liabilities f. Merchandise inventory g. Revenues h. Expenses i. Gains j. Losses k. Net sales 1. Cost of goods sold m. Gross profit n. Income from operations o. Net income p. Earnings per share of common stock q. Paid-in capital r. Common stock s. Additional paid-in capital t. Retained earnings u. Dividends v. Par value w. Going concern concept x. Matching concept y. Accrual concept z. Opportunity cost aa. Annual report bb. Income statement