TIME DRAFT Definition

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TIME DRAFT is a draft that matures either a certain number of days after acceptance or a certain number of days after the date of the draft. See SIGHT DRAFT.

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MARKET PRICE (MARKET VALUE), for securities sold on an exchange, is the last reported price at which the securi­ties were sold. For securities sold over-the-counter (OTC), the current price of the securities in the market.

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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