What does credit mean what are the terms of the credit?
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Definition: Credit terms or terms of credit is the agreement between a seller and buyer that lists the timing and amount of payments the buyer will make in the future.
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Your intermediate accounting textbook discusses a few different methods of depreciation. Three are based on time: straight-line, declining-balance, and sum-of-the-years' digits. The last, units-of-production, is based on actual physical usage of the fixed asset.
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