Computers Deal with Two Basic Types of Data - Text

question 45

True/False

Computers deal with two basic types of data - text and string.

Understand the purpose of a post-closing trial balance.

Prepare and analyze classified and unclassified balance sheets.

Understand and perform journal entries for transactions in governmental and enterprise funds.

Distinguish between types of fund financial statements and government-wide financial statements.

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Definitions:

Consolidated Balance Sheet

A financial statement that presents the assets, liabilities, and equity of a parent company and its subsidiaries as one single entity.

Fair Market Value

The price at which an asset would be exchanged between a willing buyer and seller in an arm's length transaction.

White Knight

A friendly investor or company that acquires a corporation at fair consideration, often to rescue it from a hostile takeover.

Takeover

A corporate action where one company acquires control over another company, either through a direct purchase of its shares or by agreement.