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Page 11 51. Which of the following is an inventory system that updates inventory at the end of a specified period of time? Periodic

Page 11 51. Which of the following is an inventory system that updates inventory at the end of a specified period of time? Periodic inventory system Beginning balance of inventory Net realizable value of inventory Ending inventory 52. The cost to clean up hazardous waste from a company is an example of which of the following? Environmental contingency Gain contingency Asset contingency Liability contingency

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