SELLING & ADMINISTRATIVE EXPENSE BUDGET Definition

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SELLING & ADMINISTRATIVE EXPENSE BUDGET is a budget of planned expenditures for non-manufacturing activities, such as sales commissions and office salaries. See OPERATING BUDGET.

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PURCHASE RETURNS is a contra purchase account that records all credits from returned inventory purchases.

RECORD DATE, in securities, is the date for determining who is entitled to payment of principal and interest on a security.

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