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Scientific models are designed to simplify reality because they are built with simplifying assumptions.
Recording Process
The systematic method of capturing all relevant financial transactions of a business for accounting and reporting purposes.
Perpetual Inventory System
An inventory management method where records of inventory quantities are updated in real-time after every transaction.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
Merchandising Company
A business that purchases finished goods for resale, making a profit on the difference between the buying and selling prices.
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