CASTING Definition

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CASTING, in accounting, is the summing of a column of figures.

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AVERAGE SETTLEMENT PERIOD is calculated: For Debtors = Trade Debtors X 365 days / Credit Sales
For Creditors = Trade Creditors X 365 days / Credit Purchases.

ASSUMPTION, generally, is one or more beliefs or unconfirmed facts that contribute to a conclusion. Specifically, it is the act of taking on the responsibility or assuming the liabilities of another.

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