QUESTION 2 Match the appropriate term and definition. Goods Available for Sale Periodic Inventory System FOB Shipping Point Sales Discount Multi-step Income Statement A term of sale indicating that goods are owned by the buyer the moment they leave the seller's premises Presents important subtotals, such as gross profit, to help distinguish core operating results from other, less significant items that affect net income C - A sales price reduction given to customers for prompt payment of their account balance. Inventory records are updated at the end of the accounting period. To determine how much merchandise has been sold, requires that inventory be physically counted at the end of the period. The sum of beginning inventory and purchases for the period.