INVENTORY SHRINKAGE Definition

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INVENTORY SHRINKAGE is a reduction in the physical amount of inventory that is not easily explainable. The most common cause of shrinkage is theft.

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PAID IN SURPLUS see PAID-IN-CAPITAL.

NONCURRENT LIABILITIES are liabilities that represent money the entity owes one year or more in the future. There are many line items in this category, the most important one being long-term debt.

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