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Operating Expenses
Costs associated with the day-to-day operations of a business, excluding direct production costs, such as rent, utilities, and administrative salaries.
Perpetual Inventory System
An inventory accounting system where adjustments to inventory levels are continuously recorded on a transaction by transaction basis.
Acquisition of Merchandise
The process of obtaining goods for sale, typically involving selection, ordering, and purchasing from suppliers.
Inventory Account
An inventory account is an account on the balance sheet that represents the value of unsold goods held by a company.
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