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Accounting Test 2
Accounting Test 2
8
Accounting
Pre-School
10/21/2010
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Cards

Term
Gross Profit Rate
 Definition
Gross Profit/
Net Sales
Term
Profit Margin Ratio
 Definition
Net Income/
Net Sales
Term
Inventory Turnover Ratio
 Definition
Cost of Goods Sold/
Average Inventory
Term
Days in Inventory
 Definition
365/
Inventory Turnover Ratio
Term
Receivable Turnover Ratio
 Definition
Net Credit Sales/
Average Net Receivables
Term
Average Collection Period
 Definition
365/
Receivables Turnover Ratio
Term
Cost of Goods Sold
 Definition
Beginning Inventory + Cost of Goods Purchased - Ending Inventory
Term
Gross Profit
 Definition
Net Sales - Cost of Goods Sold
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