Examlex
With the ACH (automated clearing house) credits, disbursement float is sacrificed because ACH transactions immediately draw down the company's payroll account on pay day.
Income Statement
An income statement is a financial statement that shows a company's revenues and expenses over a specific period, resulting in a net income or loss.
Error
An unintentional misstatement or omission in financial statements or accounting records, typically requiring correction once discovered.
Perpetual Inventory System
The perpetual inventory system is a method of accounting for inventory that records sales and purchases instantly through computer systems, maintaining continuous balance updates.
LIFO
LIFO (Last In, First Out) is an inventory valuation method where the most recently produced or acquired items are the first to be expensed.
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