FABM1- Written Work

This is the inventory system most applicable to sari-sari stores.

This refers to cost of goods unsold at the end of the accounting period.

This is the difference between sales revenue and cost of goods sold.

This is computed by adding shipping costs to cost of purchased merchandise but deducting returns and allowance.

This is the business document commonly used as the basis of recording in the cash receipts journal.

This is the cost associated with transporting goods from seller's to buyer's place of business.

This is the business document issued by the buyer whenever there are returns and allowances.

It is an income statement commonly referred to as the functional form.

Refers to the expenses incurred by businesses in their day-to-day operations.

Expenses incurred by the seller from day-to-day operations of the business but are not directly related to selling activities.