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Cost of Goods Sold
The cost incurred in purchasing goods or services to sell them and generate revenue is called as the cost of goods sold. The account that is used track this cost is named as the Cost of Goods Sold account. Formula: Cost of Goods Sold = ...
Goods & Services Tax (GST)
A federal tax imposed under Part IX of the Excise Tax Act that applies to the supply of most Goods and services in Canada. Currently set at a rate of 5% on the sale price of non-exempt goods or services. The GST is a value-added tax, therefore, ...
Trademark
A type of Intellectual Property (IP), a trademark is a word, name, symbol, colour, sound, moving image, hologram, 3-D shape, scent, taste or texture or other device (or any combination of them) used to indicate the source or origin of goods and ...
Operating Income
Operating income relates to that part of the revenue which is associated with the operating activities of the company. The operating activities are the core business functions which is linked to the sale of goods or services. For example, XYZ company ...
Request for Quote (RFQ)
A Request for Quote (RFQ) is used to solicit bids for commercial goods and/or services from one or more suppliers. Because of its abbreviated nature, an RFQ may not contain all of the terms and conditions that are typically used to form a contract.