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Does anyone work in a merchandising organization? If you can, explain how your company keeps track of the inventory. How often is a physical inventory taken? Does the company do this internally or hire an inventory service to take the physical count? What else can you share about the inventory process?
What is an accrued expense? Give three examples of items that often become accrued expenses. What is a prepaid expense? Give three examples of prepaid expense items. Explain the difference between accrued expenses and prepaid expenses.