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Briefly explain the three loss limitation rules applicable to partners.
Slow Paying
The practice of delaying payments beyond the agreed terms, often indicative of cash flow issues or strategic payment management.
Credit Sales
Sales made by a business where payment is delayed as agreed by both the seller and the buyer.
Spontaneous Financing
Financing that occurs automatically as a firm's operating activities increase, such as trade credit.
Trade Payables
Amounts owed by a company to its suppliers or vendors for goods and services received but not yet paid for.
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