Match each of the following terms with the appropriate definitions.
-A method of initially recording purchases at the invoice price less any purchase discounts offered by the seller.

Question

Quizplus · Accepted Answer

The net method involves recording purchases at the net amount, after deducting any purchase discounts, right at the time of purchase. This contrasts with the gross method, which records purchases at the full invoice price without deducting discounts initially.

Match Each of the Following Terms with the Appropriate Definitions