BALANCING Definition

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BALANCING is, in general, getting two things to correspond. In accounting, it is have two totals matching, e.g. balancing within the balance sheet.

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SALES DISCOUNT is a reduction in the selling price usually as an inducement to consummate a sale. Sales Discount is on the income statement as a deduction from Gross Sales to get Net Sales.

ITC is International Trade Commission, Investment Tax Credit, Input Tax Credit (Canadian GST refund for businesses), etc.

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