| A | B |
|---|
| Cost of merchandise sold | The total original price of a ll merchandise sold during a fiscal period. |
| Gross profit on sales | The revenue remaining after cost of merchandise sold has been deducted. |
| Distribution of net income statement | A partnership financial statement showing net income or loss distribution to partners. |
| Owners equity statement | A financial statement that summarizes the change in owners equity during a fiscal period. |
| Supporting schedule | A report prepared to give details about an item on a principal financial statement. |
| Income statement | A financial statement showing the revenue and expenses for a fiscal period. |
| Net income | The difference between total revenue and total expenses when total revenue is greater. |
| Net loss | The difference between total revenue and |
| Component percentage | The percentage relationship between one financial statement item and the total that includes that item. |
| Balance sheet | A financial statement that reports assets, liabilities, and owners equity on a specific date. |
