PRIME COST Definition

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PRIME COST is equal to the sum of DIRECT MATERIAL plus DIRECT LABOR.

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SIMPLE JOURNAL ENTRY is a journal entry that involves only one debit and one credit in the transaction.

BANK GUARANTEE is an irrevocable commitment by a bank to pay a specified sum of money in the event that the party requesting the guarantee fails to perform the promise or discharge the liability to a third person in case of the requestors default.

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