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Explain the present value concept as it applies to long-term liabilities.
Administrative Expenses
Costs related to the general operation of a company, such as salaries of executive personnel, legal fees, and insurance.
Minimum Cash Balance
The least amount of cash that a company aims to hold in its accounts to meet immediate operational needs.
Manufacturing Overhead
All indirect costs associated with the manufacturing process, excluding direct material and direct labor costs.
Direct Materials
Raw materials that can be directly attributed to the manufacturing of a product.
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