Matching Questions 129. Match the following definitions and terms by placing number next to the term. 1. An income statement format that shows detailed computations of net sales and other costs...

1. An income statement format that shows detailed computations of net sales and other costs and expenses and reports subtotals for various classes of items

FOB

2. Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management

Acid-test ratio

3. An income statement format that shows only one subtotal for total expenses

Inventory shrinkage

4. The abbreviation for end-of-month; used to describe credit terms for some transactions

List price

5. The expenses of promoting sales by displaying and advertising merchandise, making sales and delivering goods to customers

Multiple-step income statement

6. The catalog price of an item before any trade discount is deducted

Single-step income statement

7. The abbreviation for free on board; refers to the point when ownership of goods passes to the buyer

EOM

8. Inventory losses that can occur as a result of theft or deterioration

Merchandise inventory

9. Products a company owns and intends to sell

Selling expenses

10. A ratio used to assess a company's ability to pay its current liabilities; defined as quick assets divided by current liabilities

General and administrative expenses