Although You Can Use Generic Names for Your Scenarios, You

question 97

Multiple Choice

Although you can use generic names for your scenarios, you should use more descriptive names because they appear on any scenario summary reports you ____.

• A) create
• B) print
• C) both a and b
• D) neither a nor b

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Definitions:

Total Credits

The sum of all credit entries in an accounting system, representing the total amount by which liabilities, equity, and revenue accounts increase.

Trial Balance

An accounting report that lists the balances of all ledgers accounts in order to ensure that total debits equal total credits.

Financial Transaction

A financial transaction refers to an agreement, or communication between a buyer and seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals.

Unearned Revenue

Income received by an entity for services yet to be rendered or goods yet to be delivered; also known as deferred revenue.