Which of the Following Is Not True About Text Files

question 71

Multiple Choice

Which of the following is not true about text files which can be imported into Assess?

• A)The two most common are CSV and fixed-length text files.
• B)They are normally created manually.
• C)They are formatted consistently.
• D)They are normally created by software.

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Definitions:

Accounting Equation

A fundamental principle of accounting that equates assets with the sum of liabilities and shareholders' equity (Assets = Liabilities + Equity).

Partial Balance Sheet

A financial statement that shows a subset of the assets, liabilities, and equity of a company at a specific point in time.

Total Current Assets

The value of all assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business.

Journalize Transactions

The process of recording financial transactions in the journal as part of the accounting cycle.