Following are a number of the key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–10). Note that not all key terms and concepts will be used.
a. Revenues | k. Freight collect |
b. Realization | l. Gross profit (or gross margin) |
c. Earned | m. Gross profit ratio (or gross margin ratio) |
d. Sales | n. Sales mix |
e. Sales returns and allowances | o. Operating expenses |
f. Net sales | p. Income from operations |
g. Shipping terms | q. Gains |
h. FOB destination | r. Income before income taxes |
i. FOB shipping point | s. Net income |
j. Freight prepaid | t. Income before extraordinary items |
_____A revenue recognition criterion that relates to the receipt of cash in exchange for the product or service.
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