The Raw Facts and Figures That Are Processed into Information

question 27

Short Answer

The raw facts and figures that are processed into information are known as ________.

---

Definitions:

Recording Process

The systematic method of capturing all relevant financial transactions of a business for accounting and reporting purposes.

Perpetual Inventory System

An inventory management method where records of inventory quantities are updated in real-time after every transaction.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Merchandising Company

A business that purchases finished goods for resale, making a profit on the difference between the buying and selling prices.