Question
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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