RETURNS INWARDS Definition

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RETURNS INWARDS are goods sold on credit to a customer and returned for some reason to be refunded for (Sales returns).

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SETTLEMENT DISCOUNT is the discount percentage offered for payment within the settlement period. Many vendors offer settlement discounts for early payment of invoiced amounts.

MODIFIED ACCELERATED COST RECOVERY SYSTEM (MACRS) is a system used in accounting to define the rate and method under which a fixed asset will be depreciated for tax purposes.

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