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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COST OF CAPITAL/FUNDS is the rate of return that a business could earn if it so chose other investments with the equivalent risks. Also can be stated as opportunity cost of the funds used due to the investment decision.

ACTUAL CASH VALUE (ACV) is the common method of determining the amount of reimbursement for a loss. Normally calculated by determining what it will cost to replace an item at the time of loss after subtracting depreciation.

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