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The first time José sees a cat, his mother tells him, "That's a cat. Can you say cat?" He repeats the word gleefully, and his mother praises him. The next day, he is watching a cartoon and sees a tiger on the television. He points at the tiger and says, "Cat!" This is an example of ________.
Perpetual Inventory System
An inventory accounting system that employs computerized point-of-sale systems and enterprise asset management software to instantly register the purchase or sale of inventory items.
Gross Method
A method of recording purchases at the gross invoice amount before any discounts are applied.
Credit Terms
Conditions under which credit will be extended to a borrower, including repayment schedule, interest rate, and the duration of the loan.
Perpetual Inventory System
An inventory management system that tracks inventory levels in real-time, updating with every sale or purchase transaction.
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