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Periodic Inventory System
An accounting system that records inventory purchases during the accounting period but waits until the end of the period to adjust the inventory balances and record cost of goods sold.
Gross Method
An accounting practice for recording the full invoice amount of a sale without deducting any discounts offered.
Merchandise Return
The process by which a customer returns previously purchased merchandise back to the seller, often due to defects or dissatisfaction.
Perpetual Inventory System
A technique in inventory accounting that uses computerized point-of-sale systems and enterprise asset management software for the immediate recording of inventory transactions.
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