The Basic Unit of Information in an Accounting Information Database

question 50

True/False

The basic unit of information in an accounting information database is a table.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the accounting records but have not yet been cashed or cleared by the bank.

Depositor's Account

An account maintained by a financial institution on behalf of a depositor, where funds are safely kept for future withdrawals or transactions.

Deposits in Transit

Funds that have been recorded by a company but not yet by its bank, often due to the timing of bank processing.

Days' Sales Uncollected

A financial metric measuring the average number of days it takes for a company to collect its receivables post-sale.