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Each governor on the Board of Governors can serve
Gross Method
An accounting practice where purchases are recorded at their full invoice price without deducting any purchase discounts taken.
Periodic Method
An accounting method where inventory purchases are recorded in a purchases account, with the inventory count and cost of goods sold calculated at the end of the accounting period.
Discounts Lost
A financial metric indicating the additional cost incurred by failing to take advantage of offered payment discounts by suppliers.
Vouchers Payable
An accounting term used to represent records of transactions or evidence of expenditure awaiting payment.
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