REMITTANCE ADVICE Definition

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REMITTANCE ADVICE is a notice of payment due, either in paper form or as a notice of an electronic data interchange financial transaction.

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FREIGHT is the charge for transporting something by common carrier.

LIFO LIQUIDATION is a reduction in the reported value of inventory below levels established in prior years under the LIFO method; arises when purchases for the period are not sufficient to offset the sale of inventory in the period.

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