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Collection
Collection involves the process of gathering or receiving payments, funds, or necessary documents, especially in the context of business receivables or debts.
Perpetual Inventory System
Inventory accounting method where transactions are instantly recorded via computerized point-of-sale systems and enterprise asset management software.
Merchandise
Goods bought and sold by businesses in the course of their trade; often refers specifically to products sold by retail businesses.
Discount Period
The discount period is the time frame during which a payment can be made with a discount for early payment according to the terms of a sales agreement.
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