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Explain what Schopenhauer means when he says, "The cooperation of the beholder, which is referred to above, as demanded for the enjoyment of a work of art, depends partly upon the fact that every work of art can only produce its effect through the medium of the fancy; therefore it must excite this, and can never allow it to be left out of the play and remain inactive. This is a condition of the aesthetic effect, and therefore a fundamental law of all fine arts."
Average Collection Period
The average number of days it takes for a business to collect its accounts receivable.
Accounts Receivable
Money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.
Sales on Account
Transactions in which revenue is accounted for at the time of sale, but payment is deferred to a later date.
Operating Cycle
The period between the acquisition of inventory and the collection of cash from receivables, indicating the efficiency of a company's operations.
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