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Which of the following has been found to be an efficient substitute for traditional methods of conducting test markets?
Cash Account
An account recording all cash transactions, including receipts and payments, reflecting the liquidity of a business.
Standard Cost System
An accounting method that uses predetermined costs for product costing, budgeting, and inventory valuation purposes.
Work in Process
Items that are in the process of being produced but are not yet completed in a manufacturing setting.
Standard Costs
Estimated costs of production, labor, and materials that are set in order to budget and control expenses.
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