PURCHASE ACCOUNT Definition

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PURCHASE ACCOUNT is an account in which all inventory purchases are recorded; used with the periodic inventory method.

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CONSOLIDATION is similar to refinancing, but there is no loan fee. It simplifies loan repayment by combining several types of federal education loans into one new loan. (In the case of Direct Loan consolidation, the interest rate may be lower than one or more of the underlying loans.).

REVOLVING FUND is money that is renewed as it is used.

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