1
Q
Net income
A
Total revenue - expenses
2
Q
Goods Available for Sale (formula)
A
Beginning inventory + purchases
3
Q
Ending Inventory
A
Beginning inventory + purchases - COGS
4
Q
“4/7 net 60” meaning
A
Discount 4%, 7 days to pay and receive discount, 60 to pay TOTAL
5
Q
LIFO
A
Last in first out (more expensive goods)
6
Q
FIFO
A
First in first out
7
Q
FOB
A
Free on board, tells you who has ownership of the goods
8
Q
FOB Shipping
A
Transfers on the truck (buyer pays shipping fees)
9
Q
FOB Destination
A
Transfers on delivery (buyer doesn’t pay shipping fees)
10
Q
A
AP Bio
flashcards
Decks in class (7)
# Cards
