OPEN-BOOK CREDIT Definition

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OPEN-BOOK CREDIT is a form of trade credit in which sellers ship merchandise on faith that payment will be forthcoming.

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ABSORB is to assimilate, transfer or incorporate amounts in an account or a group of accounts in a manner in which the first entity loses its identity and is "absorbed" within the second entity. For example, see ABSORPTION COSTING.

SLIDE ERROR is the incorrect placement of the decimal point, e.g. $2545.00 is recorded as $25.45.

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