Examlex
Bernard Madoff was famously caught in one of the biggest frauds in U.S. history. He perpetrated the management of funds where existing investors' returns were paid using new investors' funds rather than from legitimate investments in the stock or bond markets. This type of fraud is known as
Sales Returns
Transactions where customers return previously purchased merchandise, resulting in a refund or credit.
Bad Debt Expense
An expense recorded to account for receivables that are not expected to be collected, reflecting credit losses in the financial statements.
Accounts Receivable
Outstanding payments from customers for goods or services a company has already delivered.
Average Collection Period
The average number of days it takes for a business to receive payments from its customers for invoices issued, indicative of the effectiveness of a company's credit and collection policies.
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