When Assessing the Quality of Secondary Data,which of the Following

question 104

Multiple Choice

When assessing the quality of secondary data,which of the following is most important?

• A)to know who the first collectors of the data were
• B)to be able to have easy access to the data
• C)to know the purpose for which the data were originally collected
• D)to know where the data is stored

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Definitions:

Operating Activities

The section of a business's cash flow statement that accounts for its core business operations' cash inflows and outflows, involving receipts from sales, payments to suppliers, and payroll.

Prepaid Expenses

Costs that have been paid in advance for goods or services to be received in the future, recorded as an asset on the balance sheet.

Net Income

The remaining profit after deducting all operating expenses, taxes, and additional costs from the total revenue.

Indirect Method

The indirect method is a way of calculating cash flows from operating activities by starting with net income and adjusting for non-cash transactions.