Examlex
An agency relationship exists when one or more persons (the principal or principals) hire another person or persons (the agent or agents) as decision-making specialists to perform a service.
Purchase Discounts
Reductions in price given by suppliers for early payment or bulk purchasing.
Controlling Account
A general ledger account that summarizes the total balances of several subsidiary accounts.
Accounts Payable
Liabilities to suppliers or creditors for items or services purchased on credit.
Merchandise Inventory
The total cost of all the goods owned by a company that are intended for sale, during a particular accounting period.
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