CONSUMER Definition

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CONSUMER is an individual who purchases, uses, maintains, and disposes of products and services.

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PURCHASE DISCOUNT is a reduction in the purchase price, allowed if payment is made within a specified period.

CREDIT RECORD (CR) is an entry in a double-entry bookkeeping system recording an increase in a liability; an owners equity item or revenue; or a decrease in an asset or an expense. Credit entries are conventionally made on the right-hand side of T accounts.

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