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Sales Tax
A government-imposed tax on the sale of goods and services, which is typically a percentage of the sales price paid by the consumer.
Sales Account
An account in a company's financial records that tracks the revenue generated from goods and services sold.
Sales Discount
A reduction in the price of goods or services offered to customers, usually to encourage prompt payment.
Perpetual Inventory System
This technique documents transactions of inventory sales or purchases in real-time, utilizing computer-based point-of-sale systems and software designed for managing company assets.
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