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What is the Continuous Performance Test used for?
Credit Terms
Conditions under which credit is extended by a seller to a buyer, detailing the repayment period, discount for early payment, and the due date.
Controlling Accounts
Controlling accounts are general ledger accounts that summarize the balances of a group of subsidiary accounts in a double-entry bookkeeping system.
Accounts Receivable
An asset account that records amounts to be received from customers for goods sold or services rendered on credit.
Debit Memorandum
A document issued by a buyer to a seller indicating the amount debited to the seller's account due to returned goods or discrepancies in invoice amounts.
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