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Shipping terms where the ownership of merchandise passes to the buyer when the buyer receives the merchandise. Credit terms Losses of inventory due to theft, damage, spoilage, etc. that cause the actual inventory on hand to be less than that on record FOB destination Statement where net income is determined by deducting all expenses from all revenues. FOB shipping point Payment arrangements determined by the seller as to when invoices are due and whether early payment discount is offered Periodic inventory system Inventory system that updates the inventory account for every purchase and sale transaction. Perpetual inventory system Inventory shrinkage Inventory system that updates the inventory account only at the end of the accounting period based on a physical count of inventory on hand. Single-step income statement Statement that includes subtotals for sales, gross profit, and income from operations in determining net income Multiple-step income statement Shipping terms where the ownership of merchandise passes to the buyer when the seller delivers the merchandise to the freight carrier