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Discuss the characteristics of an effective system of internal control for cash payments by cheque. Include the specifics for a purchase of merchandise for resale.
Discount
A reduction applied to the face value of a product, service, or security to encourage purchase or investment.
Net 60
A payment term indicating that payment is due 60 days after the invoice date.
Effective Annual Rate
The interest rate on a loan or financial product restated on an annual basis, taking compounding into account.
Credit Terms
The conditions under which credit will be extended to a borrower, including repayment periods and interest rates.
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