The Systems Development Life Cycle (SDLC) Gained Popularity When the U.S

question 21

True/False

The systems development life cycle (SDLC) gained popularity when the U.S. Department of Commerce stipulated that it would be used for all software development contracts.

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Definitions:

Contingent Asset

A potential asset that may arise depending on the outcome of a future event, not recognized in financial statements until certain.

AASB 137

An Australian Accounting Standards Board standard related to the accounting for provisions, contingent liabilities, and contingent assets.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including balance sheet, income statement, and cash flow statement.

Note Disclosure

Supplementary information provided in financial statements, offering insight into accounting policies, risks, and uncertainties.