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Under the gross method, the total cost of purchases are credited to accounts payable first, and discounts realized later if the payments were made in time. Under the net method, purchase discounts are realized right away. And if the payments are not made in time, an anti-revenue account name purchase discounts lost is debited to record the loss.
Thus, while the Civil Code seeks to govern all aspects of private law in the Philippines, a Republic Act such as Republic Act No. 9048 would concern itself with a more limited field, as in that case, the correction of entries in the civil registry. Still, the amendment of Philippine legal codes is accomplished through the passage of Republic Acts.
Definition and use A.C., [1] administrative case [2] N/A: English A case brought under administrative law in the form of a quasi-judicial proceeding by an agency of a non-judicial branch of government, or, the Office of the Court Administrator. Normally, such cases are internal disciplinary matters—court cases criminal and civil can be ...
Discounts and allowances are reductions to a basic price of goods or services.. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or the list price (which is quoted to a potential buyer ...
The opportunity to earn discounts in exchange for early payment in business-to-business commerce has been limited, historically, by the length of time necessary for accounts payable's to receive and approve paper invoices. An invoice that takes 20 days to be approved, for example, cannot be paid in time to qualify for a discount available from ...
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WASHINGTON (Reuters) -U.S. President-elect Donald Trump on Saturday named his social media platform CEO Devin Nunes to lead an intelligence advisory panel and said his former intelligence chief ...
The Philippine Competition Act provides for the regulation of the country's markets to curtail anti-competitive behavior and punish cartels and other unfair monopolies. [19] Under Sec. 3 of RA 10667, the Commission shall impose this Act against any person or entity engaged in any trade, industry and commerce in the Republic of the Philippines ...