AUTHORITATIVE PRONOUNCEMENT Definition

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AUTHORITATIVE PRONOUNCEMENT is a formal declaration of opinion sanctioned by established authority.

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CREDITORS TURNOVER = Average creditors / (Credit Sales / 365).

CREDITOR DAYS is the number of days it takes the company to pay trade creditors. This ratio provides an indication of the amount of credit given to the business by its suppliers. The formula is trade creditors divided by sales multiplied by 365 days.

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