An Error Will Occur If an Attempt Is Made to Add

question 10

True/False

An error will occur if an attempt is made to add a transaction record to a master file and the record already exists in the master file.

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Definitions:

Revenue Realized

Income that a company has earned and received payment for, typically from sales of goods or services.

Sale Price

The amount of money for which a product or service is sold to the consumer.

Par Value

The nominal or face value of a stock or bond, as stated by the issuing company.

Prior Period Adjustment

Adjustments made to amend previously issued financial statements for errors or changes in accounting principles.