You Can Import Journal Entries from the Accountant's Copy to Your

question 41

Multiple Choice

You can import journal entries from the Accountant's Copy to your data files -

• A)only after you have created an Accountant's Copy of your data
• B)only before you close the books and start a new fiscal period
• C)only if you work with a backup copy of your data
• D)at any time

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Definitions:

Goods Sold

Goods sold refers to the total quantity of goods that a company has sold to its customers during a specific accounting period.

Asset Turnover Ratio

A financial ratio that measures the efficiency of a company at using its assets to generate sales or revenue.

Total Assets

The sum of everything of value owned by a business, including cash, securities, inventory, property, and other tangible and intangible assets.

Periodic Inventory System

An accounting method where inventory levels and cost of goods sold are determined at set periods, rather than continuously tracked.