Quickbooks Chapter 5
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Merchandise that is sold to customers for a profit.
Periodic Inventory System
Values the inventory periodically based on a physical count of the merchandise; usually done once a year.
Perpetual Inventory System
Values the inventory after every purchase and sale of inventory items
An amount charged on the sale of merchandise, usually a percentage of the sales price. It is collected by the company as part of the sale and later remitted to the appropriate government agency.
A reduction in the selling price if the invoice payment is made shortly after the invoice date.
An amount recorded in an expense or loss account to reflect the reduction in inventory value and/or quantity due to loss, theft, or damage.
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