A Fully Developed MVMS Is Capable of All of the Following

question 10

Multiple Choice

A fully developed MVMS is capable of all of the following EXCEPT ______.

• A) transforming data to create new variables
• B) calculating simple measures quickly, even with millions of data points
• C) pulling data from a variety of sources
• D) cleaning data to ensure quality and compatibility

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Definitions:

Insurance Expense

The cost incurred by a business for its insurance policies, which is recorded as an expense on the income statement.

Prepaid Insurance

An asset account that represents payments made in advance for insurance services, which are expensed over the period the insurance coverage is applicable.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.