TEST COUNT Definition

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TEST COUNT, in inventory audits, is where a test count is inventory counted by the auditors to check the client's count.

Learn new Accounting Terms

DEBTOR DAYS is a ratio used to work out how many days on average it takes a company to get paid for what it sells. It is calculated by dividing the figure for trade debtors shown in its accounts by its sales, and then multiplying by 365.

CASH IN ADVANCE is when full payment is due before the merchandise is shipped. Least risk to seller, most risk to buyer.

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