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Write the definition of each term. Cost of Goods Sold The cost of the product that are sold in the operation of the business Adjusted

Write the definition of each term.

Cost of Goods Sold

The cost of the product that are sold in the operation of the business

Adjusted trial balance

Balance sheet

Cost principle

Current assets

Current liabilities

Current ratio

Double-entry accounting

Gains (on the income statement)

Income Statement

Liquidity

Long-term liabilities

Losses (on the income statement)

Matching principle

Net working capital

Non-operating expenses

Noncurrent receivables

Operating Income

(or Income from Operation)

Post-closing trial balance

Property & Equipment

Retained Earnings

Statement of retained earnings

Time period assumption

Unadjusted trial balance

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