____________________ Is a Method Under Which Specific Components of a Corporation's

question 68

Short Answer

____________________ is a method under which specific components of a corporation's income are directly assigned to a specific state.

---

Definitions:

Net 45

This payment term requires the buyer to pay the total net amount due within 45 days after the invoice date or goods receipt.

Income From Operations

Earnings derived from a company's primary business activities before taxes and extraordinary items.

Periodic Inventory System

An accounting method where inventory is updated in the accounting records periodically, often used by smaller businesses due to its simplicity.

Cost Of Merchandise

The purchase price of goods sold by a company, including the cost of acquiring the goods plus any additional expenses to bring them to saleable condition.