Magnetic Devices Such as the ________ Diskette Have All but Disappeared

question 83

Short Answer

Magnetic devices such as the ________ diskette have all but disappeared due to the advances in optical disc and flash memory storage technology.

---

Definitions:

Actual Cost

The actual expense incurred to acquire an asset or the expense incurred to produce goods or services, as opposed to budgeted or estimated costs.

Full Disclosure Principle

A financial reporting guideline requiring companies to disclose all relevant and necessary information in their financial statements and footnotes to help users make well-informed decisions.

Financial Statements

Official documentation reflecting the monetary transactions and status of a company, individual, or different entity.

Accounting Equation

A fundamental principle of accounting that maintains that assets are always equal to the sum of liabilities plus equity (Assets = Liabilities + Equity).