| 1. Shipping terms where the ownership of merchandise passes to the buyer when the buyer receives the merchandise. | FOB Destination |
| 2. Statement that includes subtotals for net sales, gross profit and net operating income in determining net income. | Inventory Shrinkage |
| 3. Payment arrangements determined by the seller as to when invoices are due and whether early payment discount is offered. | Single-Step Income Statement |
| 4. Statement where net income is determined by deducting all expenses from all revenues. | Credit terms |
| 5. Losses of inventory due to theft, damage, spoilage, etc. that cause the actual inventory on hand to be less than that on record. | Perpetual Inventory system |
| 6. Inventory system that updates the Merchandise Inventory account for every purchase and sale transaction. | Periodic Inventory system |
| 7. Shipping terms where the ownership of merchandise passes to the buyer when the seller delivers the merchandise to the freight carrier. | Multiple-Step Income Statement |
| 8. Inventory system that updates the Merchandise Inventory account only at the end of the accounting period based on a physical count of merchandise on hand. | FOB Shipping Point |
Darshita Changed status to publish February 14, 2020
| 1. Shipping terms where the ownership of merchandise passes to the buyer when the buyer receives the merchandise. | FOB Destination | 1 |
| 2. Statement that includes subtotals for net sales, gross profit and net operating income in determining net income. | Inventory Shrinkage | 5 |
| 3. Payment arrangements determined by the seller as to when invoices are due and whether early payment discount is offered. | Single-Step Income Statement | 4 |
| 4. Statement where net income is determined by deducting all expenses from all revenues. | Credit terms | 3 |
| 5. Losses of inventory due to theft, damage, spoilage, etc. that cause the actual inventory on hand to be less than that on record. | Perpetual Inventory system | 6 |
| 6. Inventory system that updates the Merchandise Inventory account for every purchase and sale transaction. | Periodic Inventory system | 8 |
| 7. Shipping terms where the ownership of merchandise passes to the buyer when the seller delivers the merchandise to the freight carrier. | Multiple-Step Income Statement | 2 |
| 8. Inventory system that updates the Merchandise Inventory account only at the end of the accounting period based on a physical count of merchandise on hand. | FOB Shipping Point | 7 |
Darshita Changed status to publish February 14, 2020
