Match the appropriate term with its definition.
1. Deposits in transit
2. Income from operations.
3. Perpetual Inventory System
4. Merchandising Company
5. Sales Discount
6. Manufacturing Company
7. Shrinkageg.
8. Periodic Inventory System
A. When a company gives a discount for early payment on goods it sells.
B. A company that buys goods from suppliers and sells them to someone else.
C. When a company tracks goods in stock only by physically counting them by the end of the accounting period.
D. Net Sales revenue minus cost of goods sold and minus total operating expenses.
E. When a company lowers its selling price to reduce excess inventory.
F. A company that buys raw materials and makes goods to sell.
G. When a company tracks goods in stock by adjusting inventory every time a purchase or sale takes place.
H. Loss of inventory due to theft, error, or fraud.
I. Physical money or any financial instrument banks accept for deposit.
J. When a company receives a lower price on goods it buys in bulk.
K. When a company has made a deposit that the bank has not yet recorded.
L. Sales revenue minus cost of goods sold.