The Required Field Property Only Applies to New Data,not to Existing

question 42

True/False

The Required field property only applies to new data,not to existing data.

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Definitions:

Net Income

The final profit amount for a company once revenues are reduced by expenses and taxes.

Significant Influence

The power to participate in the financial and operating policy decisions of an investee, but not control them, usually indicated by owning 20% to 50% of the voting stock.

Consolidated Financial Statements

Financial statements that combine and present a parent company's and its subsidiaries' financials as if they were a single entity, consolidating their assets, liabilities, income, and expenses.

Prior Period Adjustment

A prior period adjustment involves corrections of errors in previously issued financial statements, typically associated with the discovery of mistakes in accounting practices.