Each Master File Should Have Programs To

question 54

Multiple Choice

Each master file should have programs to:

• A)add new records.
• B)update master file records.
• C)delete master file records.
• D)read and process records from the master file.
• E)All of the above.

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Definitions:

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, presenting its financial performance and position over a defined period.

Current Ratio

A financial metric indicating a firm's capability to settle short-term debts, determined by dividing its current assets by its current liabilities.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a basis for computing rates of return and evaluating its capital structure.

Sales On Account

Transactions where goods or services are sold with payment to be received at a later date, often documented through invoices.