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Financial Accounting (Exam Two) > Chapter 4 Terms > Flashcards

Chapter 4 Terms Flashcards

1
Q

Merchandise

A

refers to products, called goods

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2
Q

Merchandiser

A

earns net income by buying and selling merchandise

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3
Q

Cost of Goods Sold

A

the expense of buying and preparing merchandise

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4
Q

FOB Shipping Point

A

goods in transit owned by* buyer*

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5
Q

FOB Destination

A

goods in transit owned by seller

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6
Q

Sale Discounts

A

contra revenue account

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7
Q

Sales returns and allowances

A

contra revenue account

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8
Q

Shrinkage

A

loss of inventory

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Financial Accounting (Exam Two) (6 decks)

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