Examlex
List some common examples of principal and income items.
Sales Discounts
Price reductions offered by sellers to encourage prompt payment by buyers.
Credit Sales
Sales made by a business where payment is allowed to be deferred until a later date.
Perpetual Inventory System
An inventory management method where updates are made continuously to record sales and purchases instantly.
Merchandise Inventory Account
An account on the balance sheet that represents the cost of goods available for sale, including items purchased for resale.
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