CREDIT Definition

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CREDIT, in accounting, is an accounting entry system that either decreases assets or increases liabilities; in general, it is an arrangement for deferred payment for goods and services.

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INTERNAL is inside the country, e.g. a nations internal politics; or, happening, arising or located inside a company, e.g. internal requirements or transactions.

DEFERRED ASSET is an amount owed to an entity that is not expected to be received by that entity within one year from the date of the balance sheet.

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