Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Auguste Comte
Sales Discounts
A promotional strategy where the seller reduces the price of products or services to attract more customers or encourage quick payment.
Sales Tax
A percentage of the selling price of goods and services, collected by sellers and remitted to the appropriate tax authority.
Liability Account
An accounting record that captures the amounts a company owes to others.
Gross Sales
represent the total sales revenue before any deductions are made for returns, allowances, or discounts.
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