C v2.cengagenow.com/ilm/takeAssignment/takeAssignm passes to the buyer when the buyer receives the merchandise. Credit terms FOB destination FOB shipping point Losses of inventory due to theft, damage, spoilage, etc. that cause the actual inventory on hand to be less than that on record. Statement where net income is determined by deducting all expenses from all revenues. Periodic inventory system Payment arrangements determined by the seller as to when invoices are due and whether early payment discount is offered. Perpetual inventory system Inventory shrinkage Matching Inventory system that updates the inventory account for every purchase and sale transaction. Inventory system that updates the inventory account only at the end of the accounting period based on a physical count of inventory on hand. Single-step income statement Statement that includes subtotals for sales, gross profit, and income from operations in determining net income. Multiple-step income statement Shipping terms where the ownership of merchandise passes to the buyer when the selar delivers the Type here to search