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Which of the following is not true of meridians?
Inventory of Supplies
The total value of supplies held by a company that are yet to be used in production or sold.
Supplies Account
An account used to track the cost of supplies used by a business during an accounting period.
Adjusting Entries
Journal entries made at the end of an accounting period to allocate income and expenditure to the correct accounting periods, ensuring the financial statements are in accordance with the accrual basis of accounting.
Annual Accounting Period
A 12-month timeframe over which a company measures its financial performance and prepares financial statements.
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