In the Gane and Sarson Model,a Rectangle with Rounded Corners

question 30

Multiple Choice

In the Gane and Sarson model,a rectangle with rounded corners on a data flow diagram represents a:

• A)data store
• B)data flow
• C)process
• D)source/sink

Recognize how credit card sales and associated fees are recorded in retail accounting.

Differentiate between credit sales and sales using bank credit cards.

Understand the recording of sales returns and allowances.

Distinguish the operating cycles and financial reporting between service and retail businesses.

---

Definitions:

Consolidated Income Tax Return

A consolidated income tax return is filed by a corporate group that combines the tax liabilities and incomes of all the entities within the group, allowing them to file as a single entity.

Intra-entity Transfers

Transactions of goods, services, or resources between divisions, departments, or affiliates within the same legal entity.

Voting Stock

Shares that give the holder the right to vote on company matters, such as electing the board of directors or other corporate policies.

Foreign Corporation

A company that is incorporated in a country other than the one in which it is doing business.