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When Madeline is in school, she knows that she should raise her hand and be called on by the teacher before speaking. Madeline has learned about the rules of:
Perpetual Methods
Inventory accounting systems where updates are made continuously to reflect the buying, selling, and production of goods.
Periodic
Occurring or repeating at regular intervals of time, often used to describe recurring financial or reporting events.
FIFO
First In, First Out, an inventory valuation method where the cost of the earliest items purchased are the first to be recognized in determining the cost of goods sold.
Taxation Authority
Refers to the governmental agency responsible for administering and collecting taxes.
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