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Credit Terms
Conditions under which credit is granted, including repayment period, discount for early payment, and interest rate.
Periodic Inventory System
An accounting method in which inventory levels and cost of goods sold are determined at the end of an accounting period based on a physical count.
Gross Method
An accounting approach that documents purchases at their complete invoice cost without subtracting any offered cash rebates.
Credit Terms
The conditions under which credit will be extended to a customer, including the repayment period, interest rate, and any discounts for early payment.
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