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NET RECEIVABLES are a companys accounts receivable (money owed to the company) minus any provisions for bad debts. A firm with a sustainable competitive advantage shows a lower percentage net receivables to gross sales than their competitors, i.e. a firm with a sustainable competitive advantage need not be generous with credit.

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CASH RECEIPTS JOURNAL is the journal for recording all cash receipts.

MATERIAL WEAKNESS is a condition that could potentially result in the material misstatement of the financial statements.

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