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Chapter 9






                           Overview







                       Profitability vs              Objectives
                           liquidity







                                                     ACCOUNTS

                                                 RECEIVABLE AND
                                                       PAYABLE





                                        Accounts
                                                                   Accounts
                                        receivable                  payable


                                        Credit policy





                                        Calculations               Calculations



                                           Invoice

                                        discounting
                                       and factoring




                                                    Foreign trade










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