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Which of the following is NOT considered empirical validity?
Inventory
A company's raw materials, work-in-process goods, and completely finished products that are considered to be part of its current assets.
Prepaid Expenses
Expenses paid in advance for services or goods to be received in the future, such as insurance premiums or rent.
Warranty Repairs
Services offered to repair or replace a product within a specific time frame, typically free of charge, under a warranty agreement.
Warranty Expense
This is an accounting term for the cost that a company anticipates or incurs due to the repair or replacement of products under warranty.
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