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Discount Period
The time frame in which a payment can be made at a discounted rate from the total amount owed.
Perpetual
An inventory system where updates are made continuously to the inventory records, reflecting each sale or purchase.
Periodic Inventory System
An inventory system in which the inventory count and the cost of goods sold calculation are performed at set intervals, typically at the end of an accounting period.
Periodic Inventory System
An inventory accounting system where updates are made on a periodic basis, rather than continuously, often used for calculating cost of goods sold at the end of an accounting period.
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