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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.
Physical Inventory
The process of counting the actual items of inventory in stock to verify records and accounts.
Single-Step Income Statement
A form of income statement in which the total of all expenses is deducted from the total of all revenues.
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