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TRADE CREDITOR - trade suppliers that provide a business with goods/services
on credit.
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TRADE DEBTOR - customers who have received goods/services on credit.
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TRADING ACCOUNT - part of a financial statement showing the amount
of gross profit or loss and how it is derived from the turnover or net sales.
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TRUST DEED - a formal legally binding agreement between an individual
who is unable to pay his/her creditors and a licensed Insolvency Practitioner
(the Trustee). The Trustee will put together a form of proposals to the Creditors
for approval and administer the Trust Deed. A Trust Deed is a form of informal
bankruptcy but still regulated by The Bankruptcy (Scotland) Act 1985.
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TURNOVER - total amount of goods sold and other income received, by
a company during an accounting period.
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