Because Negotiable Instruments Are More Valuable Than Non-Negotiable Ones,it Is

question 11

Essay

Because negotiable instruments are more valuable than non-negotiable ones,it is important for buyers and sellers to be able to tell,easily and accurately,if an instrument is indeed negotiable.What six standards must an instrument meet in order for it to be negotiable?

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Definitions:

Job-Order Costing

An accounting system used to assign manufacturing costs to individual products or batches, making it possible to track the cost of specific jobs or orders.

Process Costing

An accounting methodology used for homogenous products that accumulates direct and indirect costs, and then assigns them to units of output on an average basis.

Cost Reconciliation Report

A report used to reconcile the costs between starting and ending inventory levels with the costs of goods manufactured and sold.

Work in Process Inventory

Items that are in the process of being manufactured but are not yet complete.