Data Are the Set of Facts Collected from Transactions

question 46

True/False

Data are the set of facts collected from transactions.

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Definitions:

Non-inventory Items

Items that a business sells but does not maintain in physical inventory, often including services and digital goods.

Services

Intangible products offered by businesses, such as consulting, repairs, or entertainment.

3-way Match

An accounting control process matching the purchase order, delivery note/packing slip, and invoice before making a payment to the supplier.

Internal Control

Processes and procedures put in place by a company to ensure the integrity of financial and accounting information, enhance accountability, and prevent fraud.