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Which two broad account categories are used to determine net income? Define each category and list two examples of each type.
Purchasing Priority
The practice of prioritizing procurement activities based on factors such as urgency, price, or importance to the business.
Holding Costs
Expenses related to keeping inventory on hand.
Stocking Costs
Expenses related to holding or storing inventory, including warehousing, handling, insurance, and spoilage costs.
Ordering Costs
Expenses related to procuring inventory.
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