A. List price B. Merchandise inventory C. EOM D. Single-step income statement E. FOB F. Acid-test ratio G. Inventory shrinkage H. Selling expenses I. Multiple-step income statement J. General and administrative expenses 1. A ratio used to assess a company's ability to pay its current liabilities; defined as quick assets divided by current liabilities. 2. An income statement format that shows only one subtotal for total expenses. 3. The abbreviation for free on board; refers to the point when ownership of goods passes to the buyer. 4. Products a company owns and intends to sell. 5. Expenses that support overall operations and includes expenses related to accounting, human resource management and financial management. 6. The abbreviation for end-of-month; used to describe credit terms for some transactions. 7. Inventory losses that can occur as a result of theft or deterioration. 8. An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items. 9. The catalog price of an item before any trade discount is deducted. 10. The expenses of promoting sales by displaying and advertising merchandise, making sales, and delivering goods to customers