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Please Define the Following Key Terms

question 1

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Auguste Comte


Definitions:

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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