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Inventory Account
An account in financial accounting that tracks the value of a company's goods intended for sale, including raw materials, work-in-progress, and finished goods.
Legal Title
The formal right of ownership of property, which is recognized and protected by law.
Perpetual Inventory System
An accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
Purchases Account
A ledger account in which the total amount of goods purchased during a period is recorded.
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