FULL CYCLE ACCOUNTING Definition

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FULL CYCLE ACCOUNTING see ACCOUNTING CYCLE.

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ABNORMAL ITEMS see EXTRAORDINARY ITEMS.

FACTORING is the practice of buying debt at a discount, e.g., if somebody owes you $10,000 payable within a year, a factoring lender may pay you $9,000 for the debt. You receive $9,000 cash quickly, but at the cost of the $1,000 discount.

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