Cost of Goods Sold
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In a perpetual inventory system, Cost of Goods Sold is an account that records the cost of goods sold or the cost of merchandise inventory used to make the sale.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Cost of Goods Sold. In a perpetual inventory system, an account that records the cost of goods sold or the cost of merchandise inventory used to make the sale.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
