The Data Quality Act Requires Agencies to Ensure the Quality

question 339

True/False

The Data Quality Act requires agencies to ensure the quality of scientific, technical and economic information in regulatory standards.

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Definitions:

Normal Balance

The side of an account (debit or credit) that increases its value; for example, assets and expenses have normal debit balances, while liabilities and revenues have credit balances.

Permanent/Temporary

Describes accounts or records in accounting that either carry their balances over across accounting periods (permanent) or are closed and zeroed out at the end of each period (temporary).

Account Category

A classification of accounts that organizes financial transactions within a ledger or financial statement.

Bank Charges

Fees charged by banks for various services and transactions, such as account maintenance, transfers, and non-sufficient funds.