HARMONIZED SYSTEM Definition

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HARMONIZED SYSTEM is an internationally agreed upon classification system for trade. It provides code numbers to specify a goods classification; thereby making customs duty determination more predictable.

Learn new Accounting Terms

FIXED BUDGET is a budget that is not adjusted for changes in the volume of service. See FLEXIBLE BUDGET.

ELECTRONIC DATA INTERCHANGE (EDI) is the use of communication between an entity and customers or suppliers to transact business electronically. Purchases, shipping, billing, cash receipts, and cash disbursements can be completed entirely by exchanging electronic messages.

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