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Work in Process
Partially completed goods that are still in the production process at the end of an accounting period.
Standard Cost System
An accounting system that uses standard costs for product costing, based on expected costs.
Fixed Manufacturing Overhead
Expenses in a manufacturing process that remain constant regardless of the level of production, including costs like factory lease payments and equipment maintenance.
Cash Account
An account recording all cash transactions, including receipts and payments, reflecting the liquidity of a business.
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