Indicates that title to inventory transfers from the seller to the buyer once it reaches the buyer.
Listed below are five terms followed by a list of phrases that describe or characterize the terms. Match each phrase with the best term placing the letter designating the term in the space provided.
a. Gross profit
b. Net income
c. Inventory turnover ratio
d. Operating income
e. Income before income taxes
193. _____ Equals operating income plus nonoperating revenues less nonoperating expenses.
194. _____ Equals income before income taxes less income taxes.
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