Data Files Are Often Called ____

question 73

Multiple Choice

Data files are often called ____.

• A) scripts
• B) documents
• C) databases
• D) sheets

Calculate the adjusted balances for accounts affected by the entries.

Understand the concept of book value and its calculation.

Recognize the accounting treatment of unearned revenues and its adjustment.

Apply knowledge of adjusting entries to specific scenarios involving prepaid rent, supplies expense, and depreciation.

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Definitions:

Bad Debt Expense

An estimated expense that represents accounts receivable that a company does not expect to collect due to customer defaults.

Net Credit Sales

The total amount of sales made on credit minus returns and allowances, representing actual sales revenue.

Matching Concept

An accounting principle that dictates expenses should be matched with the revenues they help to generate within the same accounting period.

Clearinghouse Collection Fee

A charge levied by a clearinghouse for handling the processing and settlement of transactions between financial institutions.