If the Destination File Is Closed When You Make a Change

question 117

True/False

If the destination file is closed when you make a change in the source file you choose whether to update the link to display the current values when you open the destination file or continue to display the older values from the destination file.

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Definitions:

Unearned Rent Revenue

Payments received by a property owner for rent that are not yet considered earned income, as the rental period they apply to has yet to elapse.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial position.

Income Summary

A temporary account used in accounting to summarize all income and expenses for a period, closing the books and preparing them for the next period.

Beginning Inventories

The value of goods available for sale at the start of an accounting period, carried over from the end of the previous period.