Views Are Often Called A(n) _____ Representation of the Data

question 13

Multiple Choice

Views are often called a(n) _____ representation of the data in the database.

• A)physical
• B)composite
• C)logical
• D)exclusive

Recognize the use and implications of reversing entries.

Understand the steps in preparing financial statements and related components.

Identify and correct errors in the closing process and post-closing trial balance.

Understand the different types of governmental funds and their purposes.

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Definitions:

Income Summary

An account used in the closing process that summarizes the results of operations—revenues and expenses—over a specific period before transferring the net amount to retain earnings.

Accounting Cycle

A complete cycle that describes the steps in recording and processing financial transactions of a company from when the transaction occurs to its representation on the financial statements, and until the accounts are closed.

Pro Forma Statements

Pro forma statements are financial reports that project the future financial performance of a company based on current and past data, assuming certain conditions or events.

Unearned Revenue

Money received by a company for services or products yet to be delivered or provided, considered a liability until the service or product is delivered.