What Is Data Stewardship

question 191

Multiple Choice

What is data stewardship?

• A) The time it takes for data to be stored or retrieved
• B) The management and oversight of an organization's data assets
• C) The person responsible for ensuring policies and procedures are implemented across the organization
• D) When a company examines its data to determine if it can meet business expectations, while identifying possible data gaps

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Definitions:

Net Income

The residual financial gain of a business following the deduction of every expense, tax, and cost from its total revenue.

Accounting Cycle

The collective process of recording and processing the accounting events of a company, culminating in the production of financial statements within a specific period.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for an accounting period before transferring the net income or loss to owner's equity.

Revenue and Expense Accounts

Accounts in the general ledger that track the income generated from sales and the costs incurred during business operations, respectively.