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In the circular-flow diagram, firms:
Production
The process of creating goods and services, involving labor, raw materials, and machinery.
T-Account
A graphical representation of a general ledger account used in accounting to show debits on the left side and credits on the right side, assisting in understanding transactions.
Job-Order Costing
A cost accumulation method used in situations where each job, product, or batch is custom or sufficiently distinct from the others.
Work in Process
Items or products that are in the stage of production but are not yet complete.
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