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_____________ Are Raw Materials That Have Been Converted into a Temporary

question 23

Multiple Choice

_____________ are raw materials that have been converted into a temporary state. For example, iron ore is converted into metal sheets that can be used by car and aircraft manufacturers, washing machines, and building contractors.


Definitions:

Liability Account

An accounting record that holds the amounts owed by a company to creditors, suppliers, or lenders.

Terms

Conditions under which a sale is made, including payment timeframe, discounts, and penalties for late payment.

Discount

A reduction from the usual cost of something, or the act of lowering the price of goods, services, or securities.

Day

A 24-hour period from midnight to midnight.

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