_____ Are Characteristics of Entities

question 19

Short Answer

_____ are characteristics of entities.

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where goods first bought are the first to be sold, affecting the costs reported in the financial statements.

Gross Profit

The difference between revenue and the cost of goods sold before deducting selling, general, and administrative expenses.

Net Income

The net income of a company, which is calculated by deducting all costs and taxes from the total revenue.

Incidental Costs

Minor or secondary costs that are associated with purchasing or manufacturing a product but not directly allocable to production costs.