Suppose You Collect a Series of Texts from Statements Made

question 27

Multiple Choice

Suppose you collect a series of texts from statements made of a sample of potential customers as they watch an advertisement for your company's product. The collection of texts you've gathered from these statements is an example of what type of data?

• A) Structured data
• B) Incomplete data
• C) Unstructured data
• D) Panel data

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Definitions:

Year-End Closing Process

The series of steps taken by businesses at the end of an accounting year to close out books, including reconciling accounts and preparing financial statements.

End-Of-Period Spreadsheet

A tool used in accounting to gather all the balances of ledger accounts to calculate adjustments and prepare financial statements at the end of an accounting period.

Closing Entry

A journal entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, essentially resetting the temporary accounts for the new period.

Post-Closing

The final phase in the accounting cycle where accounts are prepared for the start of the next period, following the closing entries are made to reset temporary accounts.