| Accrued revenues | Revenues earned in a period that are both unrecorded and not yet received in cash (or other assets); adjusting entries for recording accrued revenues involve increasing assets and increasing revenues.
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| Cost of goods sold | Cost of inventory sold to customers during a period; also called cost of sales.
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| Gross profit | Net sales minus cost of goods sold; also called gross margin.
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| Merchandise inventory | Goods that a company owns and expects to sell to customers; also called merchandise or inventory.
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| Net purchases | Net cost of merchandise purchased; computed as purchases minus purchase discounts, minus purchase returns and allowances, plus transportation-in.
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| Net sales | Net amount of merchandise sold; computed as sales minus sales returns and allowances minus sales discounts.
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| Unearned revenues | Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
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