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Which of the following statements concerning boron compounds is incorrect?
Credit Memo
A document issued by a seller to a buyer, reducing the amount the buyer owes to the seller under previous invoices.
Percent Of Cash Discount
The percentage reduction in price offered for prompt payment of invoices to encourage early settlement of accounts payable.
Normal Credit Balance
The expected or usual balance of a specific account, where liability, equity, and revenue accounts typically have credit balances.
Perpetual Inventory System
An inventory management method where inventory quantities and costs are updated continuously with each sale or purchase.
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