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Match Each Description with the Item Below

question 71

Multiple Choice

Match each description with the item below.
-Chester Arthur


Definitions:

Accounting Information System

A structure that collects, stores, manages, processes, retrieves, and reports financial data for its users, facilitating informed business decisions.

Financial Accounting

The process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time, in order to produce financial statements.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.

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