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1) When applying the lower of cost or market method of inventory valuation, market is
defined as the _____________________.
2) What is the purpose of the petty cash account?
3) Three of the most common tools of financial analysis are (1)
_______________________, (2) _________________________, and (3)
____________________________.
4) The difference between the actual overhead cost incurred and the standard overhead
applied is the _________________________.
5) ______________________ are preset costs for delivering a product or service under
normal conditions.
6) List the three-steps of the adjusting process.
7) Myrex Corporation purchased $4,000 in merchandise from TechCom. Myrex signed
a 60-day, 10%, $4,000 promissory note. TechCom should record the sale with a journal
entry debiting ____________________ for _________ and crediting
__________________ for _______.
8) The posting process is the link between the _______________ and the
____________.
9) Define an investment center. How are investment centers evaluated?
10) _____________________ are systems that interpret, transform, and summarize
information for use in analysis and reporting.
