NARRATIVE Definition

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NARRATIVE, in accounting, is a written description of an internal control system.

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CREDIT CONTROL is policies and procedures aimed at controlling the granting of credit.

RETURN ON CAPITAL EMPLOYED (ROCE) is a measure of how effectively the company is using its capital. The formula to measures the return on all the assets the company is using: Profit before interest and tax (PBIT) / (total assets - current liabilities)

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