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Leverage magnifies both gains and losses.
Estimated Returns Inventory
A current asset account for the estimated amount of merchandise that will be returned by customers.
Customer Refunds Payable
Liabilities owed to customers for products or services that were sold but later returned or found unacceptable.
Perpetual Inventory
An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized systems.
Beginning Inventory
The value of goods available for sale at the start of an accounting period, carried over from the end of the previous period.
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