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Question Completion Status: QUESTION 1 Match the term with the correct definition Cash discount Cost of Goods Sold Credit period Discount Period FOB Shipping Point FOB Destination Gross profit Merchandise Perpetual inventory Periodic inventory Trade discount Multiple-Step Income Statement Single-step Income Statement Shrinkage General and Administrative Expenses Selling Expenses A Products the company owns and intends to sell to customers to general revenue. B. Period of time before the full involce price is due on a credit purchase Loss of inventory due to theft, accidents or accounting errors D. Amount of revenue left over after Cost of Goods Sold is paid E Period of time a cash discount can be applied to reduce an invoice price F. Cost of merchandise purchased for sale to customers. G. Ownership of merchandise transfers when the shipment arrives at they buyer's location H. Reduction in an invoice price due to early payment on a credit purchase. 1. Ownership of merchandise transfers when the shipment leaves the seller. J. Statement that lists costs of goods sold as an expense and shows subtotals for expense categories K System that updates the balance of the merchandise inventory account with each purchase or sale of merchandise. System that updates the merchandise inventory account at the end of an accounting period M. Costs related to sales salaries, advertising, merchandise delivery and store rent and maintenance N. Reduction of the catalog price due to quantity discounts. o. Statement that lists gross profit and classifies expenses as selling and general and administrative P. Costs related to Human Resources, Accounting and IT departments Save Click Save and submit to save and submit. Click Satu All Avrsto save all ansus d/content/Content cour ORI 89F Sul DII 13 F3 End F4 F5 PrtScn FB F6 Home 19 F7 $ % A 0%