PAYABLES TURNOVER Definition

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PAYABLES TURNOVER is calculated: Payables Turnover = Purchases / Payables.

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GROSS REVENUE is income (at invoice values) received for goods and services over some given period of time. See also GROSS SALES.

CONTROL DEFICIENCIES exist when the design or operation of a control does not allow employees, in their assigned functions, to prevent or detect misstatements on a timely basis.

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