The merchandise inventory at the end of the

accounting period is the called the

(a)  

is a tax on the value added to the purchase

price or cost in the sale or lease of goods, property or services

in the course of the trade or business.

(a)  

is the VAT paid on the domestic purchases or VAT

paid on the importation of goods and services by the taxpayer.

(a)  

is the VAT passed on to customers or clients by

a VAT taxpayer on his/her sales to customers.

(a)  

refers to the price of the product or services

that does not include the Value-added Tax (VAT).

(a)  

a term used to indicate that the price of the

product or services includes the Value-added Tax (VAT).

(a)  

Whenever you BUY there is

an ?

(a)  

Whenever you SELL there is

an

(a)  

entity that earns profit by buying

and selling of goods. A person who buys and sells goods or

merchandise is called merchandiser. He/she may be a

wholesaler or retailer.

(a)  

buys merchandise from the manufacturer or

wholesaler and sells them by piece to ultimate consumers.

(a)  

is the one who buys in bulk from manufacturer

or another wholesaler and sells them in bulk to other

wholesaler or retailer.

(a)  

BUYS PRODUCTS BUT MAY NOT BE THE END USER.

(a)  

ANYONE WHO USES OR CONSUMES THE PRODUCTS.

(a)  

Whenever we sell we can used the Account Title

(a)  

Whenever we buy we can used the Account Title

(a)  

DEDUCTIONS FROM THE

INVOICE PRICE WHEN PAYMENT

(a)  

THE PURPOSE OF CASH DISCOUNT IS TO

ENCOURAGE

(a)  

POINT OF VIEW OF THE

BUYER

(a)  

POINT OF VIEW OF THE

SELLER

(a)  

PERIOD OF TIME ALLOWED FOR

PAYMENT.

(a)  

PERIOD OF TIME COVERED

BY THE DISCOUNT.

(a)  

DEDUCTIONS FROM THE LIST

PRICE OR CATALOG PRICE IN ORDER TO ARRIVE AT

THE INVOICE PRICE WHICH IS THE AMOUNT ACTUALLY

CHARGE TO THE BUYER.

(a)  

When merchandise is shipped by a common carrier-a trucking

entity or an airline, the carrier prepares a freight bill in

accordance with the instructions of the party making the

shipping arrangements.

(a)  

The freight bill designates which party

shoulders the costs, and whether the shipment is freight

prepaid or?

(a)  

FOB stands for ?

(a)  

ownership of goods purchased is

transferred only upon receipt of the goods by the buyer at the

point of destination and therefore the goods in transit are

property of the seller.

(a)  

ownership of goods purchased is

transferred upon shipment of the goods, and therefore, the

goods in transit are the property of the buyer.

(a)  

this means that the freight charge on the

goods shipped is not yet paid. The common carrier shall collect

the freight from the buyer.

(a)  

this means that the freight charge on the

goods shipped is already paid by the seller.

(a)  

refers to the transportation cost associated with the

delivery of goods from a supplier to the receiving entity.

(a)  

refers to the transportation cost associated with the

delivery of goods from a supplier to its customers. It is not an

operating expense, since the supplier only incurs this cost when it

sells goods to a customer (rather than incurring it as part of day-to-

day company operating activities.)

(a)  

decrease the amount but not the

physical volume of the goods sold.

(a)  

decrease the amount and physical

volume of the goods sold.

(a)  

formal acknowledgment

that the seller has reduced the amount owed by

the customer.

(a)