NOTES PAYABLE Definition

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NOTES PAYABLE are all note obligations, including bank and commercial paper. Does not include trade notes payable.

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REPLACEMENT COST is the total cost at current prices of an asset that is not necessarily an exact duplicate of the subject asset but serves the same purpose or function as the original.

INVENTORY TURNOVER is a ratio that shows how many times the inventory of a firm is sold and replaced over a specific period.

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