COLLECTION PAPERS Definition

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COLLECTION PAPERS are those documents specified as necessary for payment to be made, such as the commercial invoice, certificate of inspection, and bill of lading.

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ACCRUED LIABILITY are liabilities which are incurred, but for which payment is not yet made, during a given accounting period. Some examples in a manufacturing environment would be: wages, taxes, suppliers/vendors, etc.

STABILIZED INCOME is the projected planned revenue that is subject to change but represents the best annualized estimate of consistent income.

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