Blockchain Software Replaces Paper-Based Transaction Records with Digital-Based Records to Reduce

question 118

Multiple Choice

Blockchain software replaces paper-based transaction records with digital-based records to reduce the complexity of what?

• A) tax reporting
• B) tracking documentation
• C) employee time reports
• D) MRP systems
• E) daily sales reports

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Definitions:

Ceiling

In accounting, it refers to the upper limit placed on the value of an asset or a group of assets, often to prevent overestimation.

Principle of Conservatism

An accounting guideline where revenue and assets are not overestimated while liabilities and expenses are not underestimated.

Gross Margin

The difference between sales revenue and the cost of goods sold, expressed as a percentage of sales revenue.

Normal Profit Margin

The average or expected profit margin that a business aims to achieve under normal operating conditions.