Examlex
_____________ are raw materials that have been converted into a temporary state. For example, iron ore is converted into metal sheets that can be used by car and aircraft manufacturers, washing machines, and building contractors.
Liability Account
An accounting record that holds the amounts owed by a company to creditors, suppliers, or lenders.
Terms
Conditions under which a sale is made, including payment timeframe, discounts, and penalties for late payment.
Discount
A reduction from the usual cost of something, or the act of lowering the price of goods, services, or securities.
Day
A 24-hour period from midnight to midnight.
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