232.Statement where net income is determined by deducting all expenses from all revenues. 233.Payment arrangements determined by the seller as to when invoices are due and whether early payment...

232.Statement where net income is determined by deducting all expenses from all revenues.

233.Payment arrangements determined by the seller as to when invoices are due and whether early payment discount isoffered.

234.Inventory system that updates the merchandise inventory account for every purchase and sale transaction.

235.Inventory system that updates the merchandise inventory account only at the end of the accounting period based ona physical count of merchandise on hand.

236.Statement that includes subtotals for net sales, gross profit, and net operating income in determining net income.

237.Shipping terms where the ownership of merchandise passes to the buyer when the seller delivers the merchandiseto the freight carrier.