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Match the Statements Below with the Appropriate Terms

Question 245

Matching

Match the statements below with the appropriate terms

Premises:
An incentive to encourage customers to pay their accounts early.
Expenses incurred in the process of earning sales revenue.
Freight terms that require the seller to pay the freight cost.
Sales less sales returns and allowances and sales discounts.
A document that supports each credit purchase.
Net sales less cost of goods sold.
Freight cost to deliver goods to customers reported as a selling expense.
Requires a physical count of goods on hand to compute cost of goods sold.
Gross profit less total operating expenses.
Freight terms that require the buyer to pay the freight cost.
Responses:
Net sales
Sales discounts
Purchase invoice
Periodic inventory system
FOB destination
FOB shipping point
Freight-out
Gross profit
Operating expenses
Income from operations

Correct Answer:

An incentive to encourage customers to pay their accounts early.
Expenses incurred in the process of earning sales revenue.
Freight terms that require the seller to pay the freight cost.
Sales less sales returns and allowances and sales discounts.
A document that supports each credit purchase.
Net sales less cost of goods sold.
Freight cost to deliver goods to customers reported as a selling expense.
Requires a physical count of goods on hand to compute cost of goods sold.
Gross profit less total operating expenses.
Freight terms that require the buyer to pay the freight cost.
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