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Definition of Sales journal
A journal used to record the transactions that result in a credit to sales.
Similar to equipment trust certificates except that the lender is either the
The formal name for the load of a back-end load fund.
The average number of days' worth of sales that is held in inventory.
Average collection period.
A U.S. corporation that receives a tax incentive for
A special type of corporation created by the Tax Reform Act of 1984 that
Determined by dividing current stock price by revenue per share (adjusted for stock splits).
The fee charged by a mutual fund when purchasing shares, usually payable as a commission to
A key input to a firm's financial planning process. External sales forecasts are based on
An arrangement whereby a firm leases its own equipment, such as IBM leasing its own
The amount sold after customersâ€™ returns, sales discounts, and other allowances are taken away from
(also called average collection period). The number of days of net sales that are tied up in credit sales (accounts receivable) that havenâ€™t been collected yet.
A ratio that shows how much net income (profit) a company made on each dollar of net sales. Hereâ€™s the formula:
A ratio that shows how much a company had to collect in net sales to make a dollar of profit. Figure it this way:
The manufacture or purchase price of goods sold in a period or the cost of providing a service.
The mix of product/services offered by the business, each of which may be aimed at different customers, with each product/service having different prices and costs.
Cash receipts journal
A journal used to record the transactions that result in a debit to cash.
The process of taking a transaction and putting it into a form that allows it to be recorded in the accounting records.
A journal used to record the payroll of a company.
A journal used to record the transactions that result in a credit to accounts payable.
Amounts earned by the company from the sale of merchandise or services; often used interchangeably with the term revenue.
A contra account that offsets revenue. It represents the amount of the discounts for early payment allowed on sales.
A contra account that offsets revenue. It represents the amount of sales made that were later returned.
journals that are used to aid in segregating duties and making the accounting function efficient.
return on sales
This ratio equals net income divided by sales revenue.
the relative combination of quantities of sales of the various products that make up the total sales of a company
sales value at split-off allocation
a method of assigning joint cost to joint products that uses the relative sales values of the products at the split-off point as the proration basis; use of this method requires that all joint products
The total sales recorded prior to sales discounts and returns.
The formal accounting entry used to identify a business transaction. The
Total revenue, less the cost of sales returns, allowances, and discounts.
A reduction in a price that is allowed by the seller, due to a problem
A reduction in the price of a product or service that is offered by the
Sales value at split-off
A cost allocation methodology that allocates joint costs to joint
percentage of sales models
Planning model in which sales forecasts are the driving variables and most other variables are
A tax levied as a percentage of retail sales.
Sales Revenue Revenue recognized from the sales of products as opposed to the provision of
Lease accounting used by a manufacturer who is also a lessor. Up-front gross
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