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Control, competency, compatibility. 3 porta flexibility and cost-benefit are the five basic principles of accounting information systems. True False A merchandiser Earns profit from fares only Earns profit from commissions only tuys products from consumers. Earns net income by buying and selling merchandise Received fees only in exchange for services. points The cost of an inventory item includes its invoice cost plus any discount, plus any added or incidental costs necessary to put it in a place and condition for sale." True False 3 Costs included in the Merchandise Inventory account can include all of the following except: Damaged inventory that cannot be sold Invoice price minus any discount Storage Transportation in Insurance