11. is a system of collection in which a local bank receives funds and transfers them to a main concentration bank account. One way to defer a cash payment is by the use of a(n) because the bank must first secure approval from the company before the instrument is paid. 12. 13. The terms of a $1.000 sale are 3/20, net/40. If collection is received in 14 days, the amount received is so 14. Partially completed merchandise at year-end is referred to as inventory 15. Inventory consisting of fashionable merchandise has high risk