Match the Terms with Their Descriptors

question 16

Multiple Choice

Match the terms with their descriptors.
-hardware or software necessary to connect the components of an information system together or connect one information system to another

• A)data model
• B)concurrency control
• C)access control
• D)integrity control
• E)data standards
• F)information system
• G)interface
• H)EDI (electronic data interchange)
• I)Health Level Seven (HL7)
• J)ASC X12

Understand the concept of cash discounts and how they are applied to invoices.

Calculate the amount of cash discount available for early payment.

Determine the discount and due dates for invoices based on specified terms.

Utilize the complement method to calculate the remittance amount when a discount is taken.

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Definitions:

Accounting

The systematic process of recording, measuring, and communicating financial information about economic entities.

Investments

Assets purchased with the aim of generating income or appreciating in value over time, such as stocks, bonds, real estate, or other investments.

Equity Method

An accounting technique used to record investments in other companies where the investor holds significant influence but not full control or majority ownership.

Dividends

Payments made by a corporation to its shareholders, typically from profits, on a per-share basis.