PAYMENT Definition

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PAYMENT is the satisfaction of a debt or claim; primarily money paid to fulfill an obligation.

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ABSOLUTE CHANGE is a numerical change in an empirical value, e.g. cost of goods was reduced by $9.00.

AVERAGE SETTLEMENT PERIOD is calculated: For Debtors = Trade Debtors X 365 days / Credit Sales
For Creditors = Trade Creditors X 365 days / Credit Purchases.

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