Why Is Knowledge Important

question 91

Multiple Choice

Why is knowledge important?

• A)Knowledge guarantees success. 
• B)Knowledge resides in information. 
• C)Knowledge is the understanding that one gains from information. 
• D)Knowledge is easier to acquire than data and information.

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Definitions:

Adjusting Journal Entry

a bookkeeping entry made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Net Income

The remaining income of a company once all taxes and costs are deducted from its total revenue.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, representing the wear and tear, or obsolescence of the asset.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for expenses and revenues at the end of an accounting period.