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Figure 23.1
Identify the labeled structure(s) in each of the following questions.
-Identify the structure(s) indicated by Label C.
Accrual System
An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.
Expenses
The outflow of money to another person or company to pay for an item or service or for a category of costs.
Beginning Inventory
The valuation of inventory available for transaction at the start of an accounting timeframe.
Cost of Goods Sold
The financial outlays directly connected with creating the products a company sells, which entail materials and labor.
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