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Periodic Inventory System
An inventory accounting system where updates are made on a periodic basis rather than after each transaction.
Net Method
An accounting method for recording purchases where the purchase price includes a cash discount for early payment, emphasizing the net price as the expected payment amount.
Credit Terms
The conditions under which credit will be extended to a borrower, including the repayment schedule, interest rate, and any other terms and conditions.
Periodic Inventory System
A method of accounting for inventory where updates to the inventory records are made periodically, typically at the end of an accounting period, rather than after each transaction.
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