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Inventory valuation definition. Periodic, perpetual inventory systems. Inventory cost flow methods.

Amortization, depreciation definition, comparison. Accounting basics.

Inventory definition. Relationships (ties) between three inventory accounts and income statement.

Definition of accounting. Essential basics of accounting – types, importance. Financial accounting, managerial accounting, bookkeeping are defined.

Financial statements of an organization definition. Financial accounting basics.

Accounts receivable definition. Notes receivable definition. Financial accounting basics.