Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.
-This statement shows a step-by-step calculation of net sales, cost of goods sold, gross profit, operating expenses, income from operations, other revenues and expenses, and net income.

A) selling expenses
B) quick assets
C) average days to sell inventory
D) book value
E) property, plant, and equipment
F) operating cycle
G) quick ratio
H) general expenses
I) gross profit
J) net sales
K) multiple-step income statement
L) inventory turnover
M) liquidity