INVENTORY SHRINK Definition

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INVENTORY SHRINK, as used in retail, is reduction in physical inventory caused primarily by shoplifting and employee theft.

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ACKNOWLEDGEMENT OF INDEBTEDNESS is a written recognition of debt that is enforceable in law, e.g. memorandum check, bank draft, or loan contract.

REPLACEMENT COST NEW is the current cost of a similar new property having the nearest equivalent utility to the property being valued.

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