CUSTOMS are the authorities charged with collecting duty and controlling the entry of merchandise into a country.
PROGRESS BILLINGS are interim billings for construction work or government contract work. The entry is to debit progress billings receivable and credit progress billings on construction in progress. Progress billings is a contra account to CONSTRUCTION-IN-PROGRESS.
LAPPING is a scheme to cover an embezzlement by using payments made by one customer to reduce the receivables balance of another customer.
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