Match each phrase with its definition. 1. Refers to credit terms where goods in transit are owned by the buyer. 2. Time period in which a cash discount is available. 3. The expense of purchasing and preparing the merchandise sold during a period. 4. A method in which cost of goods sold is recorded only at the end of a period. 5. Purchaser's description of a cash discount received from a supplier of goods. 6. Calculated as net sales minus cost of goods sold. 7. Refers to credit terms where goods in transit are owned by the seller. 8. The amount of time allowed by a seller before payment is due from the buyer.
Match each phrase with its definition. 1. Refers to credit terms where goods in transit are owned by the buyer. 2. Time period in which a cash discount is available. 3. The expense of purchasing and preparing the merchandise sold during a period. 4. A method in which cost of goods sold is recorded only at the end of a period. 5. Purchaser's description of a cash discount received from a supplier of goods. 6. Calculated as net sales minus cost of goods sold. 7. Refers to credit terms where goods in transit are owned by the seller. 8. The amount of time allowed by a seller before payment is due from the buyer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Match each phrase with its definition.
1. Refers to credit terms where goods in transit are owned by the buyer.
2. Time period in which a cash discount is available.
3. The expense of purchasing and preparing the merchandise sold during a period.
4. A method in which cost of goods sold is recorded only at the end of a period.
5. Purchaser's description of a cash discount received from a supplier of goods.
6. Calculated as net sales minus cost of goods sold.
7. Refers to credit terms where goods in transit are owned by the seller.
8. The amount of time allowed by a seller before payment is due from the buyer.
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