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Ron often sees the shapes of animals in the clouds, and he tells his children stories about what the animals are doing. In psychological terms, what Ron is doing is most similar to __________
Computerized
Systems or processes that are performed or managed by computers, typically involving automation of manual tasks.
Cost Flow Assumption
An accounting method used to determine the cost of goods sold and ending inventory, such as FIFO, LIFO, or average cost.
Periodic
An accounting system where inventory and cost of goods sold are determined at the end of an accounting period, rather than tracked continuously.
Perpetual
A method of inventory management where updates are made continuously to reflect sales and purchases.
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