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Part $1$

Match the accounting terminology to the definitions.

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Part $1$

Definition

Term

An inventory system that requires businesses to obtain a physical count of inventory to determine quantities on hand.

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Expenses, other than Cost of Goods Sold, that are incurred in the entity's major ongoing operations.

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Excess of Net Sales Revenue over Cost of Goods Sold.

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The cost of merchandise inventory that the business has sold to customers.

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The individual or business from whom a company purchases goods.

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An inventory system that keeps a running computerized record of merchandise inventory.

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