Term
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Definition
| stand for last in, first out and values inventory based on the assumption that the most recently puchased merchandise is sold first and the oldest merchandise is sold last |
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Term
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Definition
| stands for first in, first out and values inventory based on the assumption that the oldest merchandise is sold before the more recently purchased merchandise |
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Term
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Definition
| an inventory valuation technique that values merchandise at current retail prices, which is then converted to cost based on a formula |
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Term
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Definition
| an inventory valuation technique that provides a book valuation of inventory based solely on the retailers cost of merchandise including freight |
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Term
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Definition
| lists in detail the sources and types of all cash revenue and cash expenditures for a given time period |
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Term
| Net Worth (Owner's Equity) |
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Definition
| total assets less total liabilities |
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Term
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Definition
| current liabilities plus long-term liabilities |
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Term
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Definition
| debts that are due in a year or longer |
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Term
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Definition
| amounts owed vendors for goods and services |
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Term
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Definition
| short-term debts that are payable within a year |
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Term
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Definition
| any legitimate financial claim against the retailers assets |
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Term
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Definition
| current assets plus noncurrent assets plus goodwill |
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Term
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Definition
| an intangible asset, usually based on customer loyalty, that a retailer pays for when buying an existing business |
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Term
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Definition
| those assets that cannot be converted to cash in a short period of time (usually 12 months) in the normal course of business |
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Term
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Definition
| comprise merchandise that the retailer has in the store or in storage and is available for sale |
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Term
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Definition
| those items for which the retailer has alread paid, but the service has not been completed |
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Term
| Accounts Receivable/ Notes Receivable |
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Definition
| amounts that customers owe the retailer for goods and services |
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Term
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Definition
| assets that can be easily converted into cash within a relatively short priod of time (usually a year or less) |
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Term
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Definition
| anything of value that is owned by the retail firm |
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Term
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Definition
| a financial statement that identifies and quantifies all the firms assets and liabilities. it shows the financial condition of a retailers |
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Term
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Definition
| operating profit plus or minus other income or expenses |
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Term
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Definition
| includes income or expense items that the firm incurs which are not in the course of its normal retail operations |
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Term
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Definition
| gross margin less operating expenses |
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Term
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Definition
| the planning and control of the buying and selling of goods and services to help the retailer realize its objectives |
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Term
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Definition
| a plan for projected sales for an upcoming season, when and how much merchandise is to be purchased, and what markups and reductions will likely occur |
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Term
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Definition
| depicts the amount of stock to havge at the beginning of each month to support the forecasted sales for that month |
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Term
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Definition
| Current assets divided by current liabilities |
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Term
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Definition
| refunds of the purchase price or downward adjustments in selling prices due to customers returning puchases, or adjustments made in selling price due to customer dissatisfaction with product of service performance |
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Term
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Definition
| the retailer's total sales including sales for cash or for credit |
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Term
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Definition
| the cost of merchandise that has been sold during the period |
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Term
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Definition
| gross sales less returns and allowances |
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Term
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Definition
| those expenses that a retailer incurs in running the business other than the cost of the merchandise |
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Term
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Definition
| the difference between net sales and cost of goods sold |
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Term
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Definition
| a financial statement that provides a summary of the sales and expenses for a given time period, usually a month, quarter, season, or year |
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