NET SALES Definition

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NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.

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ARBITRAGEUR is traditionally someone who indulges in arbitrage of any sort; now a Wall Street term for a professional investor who specializes in issues during takeovers.

REASONABLE ASSURANCE, in internal control, is the fact that internal controls, no matter how well designed and operated, cannot guarantee that an entity’s objectives will be met because of inherent limitations in all internal control systems.

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