TIME VALUE OF MONEY is the idea that a dollar today is worth more than a dollar in the future, because the dollar received today can earn interest up until the time the future dollar is received.
ALLOCATE is to distribute according to a plan or set apart for a special purpose. Examples: a. spread a cost over two or more accounting periods; b. charge a cost or revenue to a number of departments, products, processes or activities on a rational basis.
CONDITIONAL SALES CONTRACT is a credit contract used for the purchase of equipment where the purchaser doesnt receive title of the equipment until the amount specified in the contract has been paid in full.
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