Examlex
Rules made by regulatory agencies and commissions are referred to as administrative legislation because:
Gross Method
An accounting practice where purchases are recorded at the total invoice cost without deducting any purchase discounts.
Net Method
An accounting approach where discounts for early payment are assumed to be taken and thus are deducted from the cost of purchases.
Accounts Payable
Short-term liabilities representing amounts owed to suppliers or creditors for goods and services received.
Non-Interest-Bearing Note
A promissory note with no interest charged on the principal; repaid at its face value at maturity.
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