Data Can Be Stored Three Ways: ________, ________, or ________

question 58

Short Answer

Data can be stored three ways: ________, ________, or ________.

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Definitions:

Error

A mistake in the recording, classification, or processing of financial information.

Contra Revenue Account

An account used to record deductions from gross revenue, including sales returns, allowances, and discounts.

Revenue Account

An account that records the income generated by a business from its normal operational activities.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.