Control, Competency, Compatibility, Flexibility and Cost-Benefit Are the Five Basic

question 59

True/False

Control, competency, compatibility, flexibility and cost-benefit are the five basic principles of accounting information systems.

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Definitions:

Beginning Inventory

The value of inventory on hand at the start of an accounting period, before any purchases or production have occurred.

Sales

The total amount of a company's revenue generated from goods or services provided to customers.

Unearned Rent Revenue

Income received by a landlord for rent that has yet to be earned, typically relating to payment received in advance for future rental periods.

Service

A non-tangible good provided to consumers or businesses, such as consulting, banking, or cleaning, which can't be stored or physically possessed.