The Data Dictionary Stores Definitions of Data Elements, Business Functions

question 20

True/False

The data dictionary stores definitions of data elements, business functions that use the data elements, formats of the data elements, information on each attribute of an element and how the attribute should be updated.

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Definitions:

Sales Tax

A government-imposed charge on the sale of goods and services.

General Journal Entries

The initial records of financial transactions, entered in the general journal, before they are posted to specific accounts in the general ledger.

Terms of Sale

The conditions under which a seller agrees to sell and a buyer agrees to buy, including payment terms, delivery time, and warranties.

Credit Terms

The conditions under which credit is extended by a seller to a buyer, including the repayment period, discount for early payment, and late penalty.