Purpose: (L.O. 1 thru 7) This exercise will quiz you about terminology used in this chapter.
A list of accounting terms with which you should be familiar appear below.
|Contra revenue account||Other revenues and gains|
|Cost of goods sold||Periodic inventory system|
|FOB destination||Perpetual inventory system|
|FOB shipping point||Purchase allowance|
|Gross profit||Purchase discount|
|Gross profit rate||Purchase invoice|
|Income from operations||Purchase return|
|Multiple-step income statement||Sales discount|
|Net sales||Sales invoice|
|Nonoperating activities||Sales returns and allowances|
|Operating expenses||Sales revenue (Sales)|
|Other expenses and losses||Single-step income statement|
For each item below, enter in the blank the term that is described.