COST AVOIDANCE Definition

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COST AVOIDANCE is an action taken in the present designed to decrease costs in the future.

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LETTER OF CREDIT (LOC) is a legal document issued by a buyer's bank that upon presentation of required documents payment would be made. Usually confirmed by the sellers bank, protection is given to the seller that payment will be made if the goods are shipped correctly, and protection is given to the buyer that the goods will be shipped before payment is made.

ENDING INVENTORY is inventory at the end of the accounting period.

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