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Convergent evolution resulted in placental and marsupial mammals with similar structural features.
Contra Expense Accounts
Accounts that are used to offset or reduce expense accounts on the income statement, resulting in the net amount of expense being reported.
Normal Credit Balances
Accounts on a company's balance sheet that are expected to have credit balances, such as liabilities, equity, and revenue.
Periodic Inventory System
An inventory accounting system where updates are made on a periodic basis, typically at the end of an accounting period, rather than continuously.
Perpetual Inventory System
An inventory management method where records of inventory quantities are updated on a continuous basis as sales and purchases are made.
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