A Lookup Routine Validates an Entry by Checking Data in an In-House

question 76

True/False

A lookup routine validates an entry by checking data in an in-house or third-party database.

---

Definitions:

Ledger

A-book or digital record that summarizes and categorizes all financial transactions of a business during an accounting period.

Normal Debit Balance

The expected balance type of an account based on conventional accounting rules; assets and expenses usually have a normal debit balance.

Company's Records

Documentation and books kept by a company containing important information such as financial transactions, contracts, and employee records.

Bank Statement

A document issued by a bank summarizing the transactions that have occurred over a given period in a bank account.