CLOSING ACCOUNT Definition

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CLOSING ACCOUNT is the determining the balance of an account and posting an entry to offset such balance.

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STOCK ROTATION RIGHTS is a contractual stipulation that allows for a distributor to return up to a stipulated percentage of purchased goods to the supplier over a stipulated period of time. These rights are intended to ensure that a distributor is not overburdened with excessive or obsolete inventory from the supplier that granted the stock rotation rights.

LIBOR see LONDON INTERBANK OFFERED RATE.

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