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The managerial accountant at Cheryl's Chocolate Factory changed the job-costing system to a process-costing system.Write a short essay and explain how the managerial accountant will make T-account entries.How are the T-account entries different in the process-costing system compared to the job-costing system?
Fair Value
A financial term for the estimated worth of an asset or liability, based on current market conditions.
Commercial Paper
An unsecured, short-term debt instrument issued by companies to finance payroll, receivables, and other short-term liabilities.
Secured Notes
Debt instruments that are backed by a security interest in the borrower's assets, providing more assurance of repayment to the lender.
Debentures
A type of debt instrument that is not secured by physical assets or collateral but is backed by the general creditworthiness and reputation of the issuer.
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