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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STANDARD COSTING is a control method involving the preparation of detailed cost and sales budgets. Such budgets are then compared with the actual results for a specific account period and any significant variances between the actual and the budgeted results are investigated. Unexpected trends are corrected if they are not acceptable or they cannot be accommodated.

BANK is a financial entity that is licensed by a government to receive monetary deposits: commercial/retail banks and investment banks. In most countries, banks are regulated by a national government or central bank. 

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