AVERAGE AGE OF INVENTORY Definition

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AVERAGE AGE OF INVENTORY is calculated by the formula: 365 / inventory turnover.

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NON-EXPENSE CASH DISBURSEMENT is spending not shown on the income statement, i.e., the expenditure of cash on something that does not appear on the profit-and-loss statement, for example, spending on a fixed asset or discharging part or the entire principal in a debt.

DOCK RECEIPT is a document issued by the ocean carrier of a shipment acknowledging receipt of the goods to be shipped.

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