After the New System Is Installed and Conversion Is Complete,the

question 21

Short Answer

After the new system is installed and conversion is complete,the system is said to be in ____________________________.

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or used first.

Realized Holding Gains

Gains recognized from the sale of an investment or asset that were previously unrealized.

Rising Prices

An economic condition characterized by a general increase in consumer prices or the cost of living, often referred to as inflation.

Conservatism

An accounting principle that requires potential expenses and liabilities to be recognized immediately, while revenues are only recognized when they are assured.