Examlex
Life expectancy is defined as the number of years between when a person is expected to live and the age of death.
Cost Flow Assumption
An accounting principle that determines the method used to assign costs to inventory and to goods sold.
Gross Profit
The gap between income and the expense of products sold, reflecting a company's ability to efficiently handle its workforce and materials during manufacturing.
Ending Inventory
The sum total of items ready for sale calculated at the end of an accounting cycle.
Periodic System
An inventory system where updates to inventory accounts are made periodically at the end of a reporting period, rather than continuously, often requiring physical counts.
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