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Drawback is the refund of duties, certain taxes, and certain fees collected upon the importation of merchandise into the United States. Drawback refunds are only allowed upon the export/destruction of the imported merchandise or a valid substitute, or the export/destruction of a certain article manufactured from the imported merchandise or a ...
A take-or-pay contract, or a take-or-pay clause within a contract, is a payment obligation agreed between a business customer and its supplier. With this kind of contract, the customer either takes the product from the supplier or pays the supplier a penalty. For any product the company takes, it agrees to pay the supplier a certain price, say ...
A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.
A refund of part or sometimes the full price of the product following purchase, though some rebates are offered at the time of purchase. A particular case is the promise of a refund in full if applied for in a restricted date range some years in the future; the hope is that the promise will lure customers and increase sales, but that the ...
One common practice is the use of the system in order to "borrow" the merchandise at no charge. The customer who engages in this practice purchases the item for temporary use, then returns it when finished. Examples include an article of clothing worn for a single occasion, or a book that is returned after it has been read.
Section 166 limits the amount of the deduction. There must be an amount of tax capital, or basis, in question to be recovered. In other words, there is an adjusted basis for determining a gain or loss for the debt in question. An additional factor in applying the criteria is the classification of the debt (non-business of business). [11]
Technical Information Service Inquiries and Replies included in AICPA Technical Practice Aids; Accounting textbooks, handbooks, and articles. The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative standards. [5]
Modern systems will often scan a paper remittance advice into a computer system where data entry will be performed. Modern remittance advices can include dozens, or hundreds of invoice numbers, and other information. Remittance advices can be very complicated, especially in specialized fields like medical insurance payments.