Question - Explain the key terms in your own words. No limit of words, just it should be long enough that the teacher understands.
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account form
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FOB (free on hoard) shipping point
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perpetual inventory system
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administrative expenses (general expenses)
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general ledger
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physical inventory
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accounts payable subsidiary ledger
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gross profit
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purchases discounts
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accounts receivable subsidiary ledger
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income from operations (operating income)
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purchases returns and allowances
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controlling account
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inventory shrinkage (inventory shortage)
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ratio of sales to assets
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cost of merchandise sold
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inventory subsidiary ledger
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report form
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credit memorandum (credit memo)
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Invoice
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sales
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credit period
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merchandise inventory
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sales discounts
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credit terms
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multiple-step income statement
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selling expenses
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customer discounts
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operating cycle
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single-step income statement
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customer returns and allowances
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other expense
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special journals
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debit memorandum (debit memo)
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other income
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subsidiary ledger
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FOB (free on board) destination
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periodic inventory system
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trade discounts
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