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Rather, the committee determined only that the recession ended and a recovery began in that month.

Companies prepare the balance sheet and the income statement periodically at the end of each accounting cycle.

While a balance sheet relates to a specific date, or a given point within an accounting cycle, an income statement is concerned about a particular period, or the time during an accounting cycle.

To comply, a calendar date must express both the month and day of the month.

In the case of shelf-stable and frozen products, the year must also be displayed.

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, usually in written form).

CAMBRIDGE September 20, 2010 - The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday by conference call. The trough marks the end of the recession that began in December 2007 and the beginning of an expansion.

At its meeting, the committee determined that a trough in business activity occurred in the U. The recession lasted 18 months, which makes it the longest of any recession since World War II.

“Closed Dating” is a code that consists of a series of letters and/or numbers applied by manufacturers to identify the date and time of production. Except for infant formula, product dating is not required by Federal regulations.

For meat, poultry, and egg products under the jurisdiction of the Food Safety and Inspection Service (FSIS), dates may be voluntarily applied provided they are labeled in a manner that is truthful and not misleading and in compliance with FSIS regulations.

Similar to the Trade discount, this is used when the seller wishes to improve cash flow or liquidity, but finds that the buyer typically is unable to meet the desired discount deadline.