Excel 2013 Allows Us to Connect Directly to an Access

question 91

True/False

Excel 2013 allows us to connect directly to an Access 2013 database when building a PivotTable.

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Definitions:

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period, simplifying the record of new transactions.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before producing financial statements, necessary for the accrual basis of accounting.

GAAP

Generally Accepted Accounting Principles; a collection of standardized guidelines and practices for financial accounting.

Income Summary

An account in the closing process that summarizes revenues and expenses for a period, transferring the net result to owner's equity.