Match the Terms with the Definitions

Multiple Choice

Match the terms with the definitions.
-Gross sales less sales returns and allowances and sales discounts.

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