Which of the Following Is Not a Typical Component or Capability

question 57

Multiple Choice

Which of the following is not a typical component or capability of an enterprise content management system?

• A)LMS
• B)social networking tools
• C)tagging tools
• D)digital asset management
• E)KWS

Knowledge of reversing entries and their purposes.

Understand the function of control accounts and subsidiary ledgers.

Understand the process of recording closing and reversing entries.

Grasp the basics of the income statement preparation and its components.

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Definitions:

LIFO

Last In, First Out (LIFO) is an inventory valuation method that assumes the most recently produced or acquired items are the first to be sold, affecting the cost of goods sold and inventory valuation.

Straight-Line Method

A method of calculating depreciation by distributing the cost evenly across an asset's useful life.

Expense Recognition

The principle that expenses are recognized when they contribute to the generation of revenue, not necessarily when the cash is paid.