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A company's partners in the supply chain determine
360-Day Year
An accounting convention that simplifies interest calculation by assuming all months have 30 days, resulting in a 360-day year.
Interest Charged
The cost incurred for borrowing money or the amount earned on deposited funds, usually expressed as a percentage of the principal.
Contingent Liability
A potential financial obligation that may arise depending on the outcome of a future event.
Contingent Liabilities
Liabilities that may arise from past transactions if certain events occur in the future.
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