Examlex
What takes place at the project closeout step?
Year-End Information
Data and records compiled at the end of a fiscal year used for accounting and tax purposes, including final balances, inventories, and financial statements.
Perpetual Inventory System
An accounting method that continuously updates inventory records for sales and purchases, providing a highly current account of inventory on hand.
Net Method
An accounting technique where discounts for prompt payment are calculated and recorded immediately, reducing the purchase cost of inventory.
Allowance for Sales Discounts
An account used in bookkeeping to estimate the reduction in revenue due to sales discounts that customers are expected to take advantage of.
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