One of the Key Advantages of an EDI (Electronic Data

question 63

Multiple Choice

One of the key advantages of an EDI (Electronic Data Interchange) system is:

• A)it allows easy access to all company data to vendors.
• B)its transaction formats are universal.
• C)it allows third-party transmission connections to company data.
• D)it saves both time and money by using different languages.
• E)vendors receive orders by voice mail.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting principles for preparing financial statements to ensure consistency and transparency globally.

GAAP

Generally Accepted Accounting Principles refer to the commonly applied rules and standards in financial reporting and accounting.

GAAP

Generally Accepted Accounting Principles (GAAP) are a set of rules and standards for financial reporting that companies in the U.S. are required to follow to ensure consistency and comparability among financial statements.

IFRS

A collection of accounting standards established by the International Accounting Standards Board, intended for worldwide application, known as International Financial Reporting Standards.