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Why Is the NIBRS Slated to Replace the UCR in 2021

question 56

Essay

Why is the NIBRS slated to replace the UCR in 2021? What improvements or changes does it make in the reporting process that are supposed to address the criticisms people have of the UCR?


Definitions:

Cost Of Goods Manufactured

The total production cost of goods completed during a specific period.

Work In Process Inventory

Inventory that consists of items in the production process but not yet completed, considered a current asset on the balance sheet.

Process Cost Summary

A report detailing the costs associated with each stage of the production process, summarizing the total expense of converting raw materials into finished products.

Reporting Period

The specific time frame covered by financial statements or reports, typically a quarter or a year.

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