credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable sales discount A cash discount on sales taken by a customer

businesses that sell directly to final consumers

return on sales ratio

net income/net sales

sale on account

A sale for which cash will be received at a later date

sale on credit

Payment at a later date

Sales allowance

credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the vendor’s accounts receivable

sales discount

A cash discount on sales taken by a customer

Sales returns

Refer to merchandise that customers return to the seller after the sale.

Wholesalers

Intermediaries who help to move goods between producers and retailers by buying goods from producers and selling them to retailers

Code of Conduct

A statement that guides the ethical behavior of a company and its employees.

Checking Account

A blank account from which payments can be ordered by a depositor

endorsment

A signature or stamp on the back of a check transferring ownership

blank endorsement

An endorsement consisting only of the endorser’s signature.

special endorsment

An endorsment indicating a new owner of a check

restrictive endorsment

An endorment restricting further transfer of a checks ownership

 

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