Glossary

Reset Glossary
credit purchase

Subject: 

  • Accounting

transaction where the business delays payment to a future date and goes into debt to buy items.

Related Terms: 

credit sale
transaction

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transaction
Subject:
Accounting

agreement between a buyer and a seller to exchange an asset for payment

creditor
Subject:
Accounting

person or organisation that has lent the business money or extended credit for goods purchased...

carriage and freight
Subject:
Accounting

transport costs in bringing materials to a factory.

auditors' report
Subject:
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a report to the shareholders of the company, compiled by the independent external auditors,...

liability
Subject:
Accounting

debt that the business incurs and that is payable in the short or long term.