Employees Need to Compare Different Types of Information for What

question 71

Multiple Choice

Employees need to compare different types of information for what they commonly reveal to make strategic decisions.Which of the choices below represents the three common types of information found throughout an organization?

• A)levels, forms, granularities
• B)levels, forms, data
• C)levels, formats, granularities
• D)data, formats, granularities

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Definitions:

Closing Entries

At the close of an accounting period, records are made to move balances from interim accounts to enduring accounts.

Accounting Cycle

The sequence of steps followed in the accounting process to track and report financial transactions, from the initial transaction to the financial statements.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including a balance sheet, income statement, and cash flow statement.

Post-Closing Trial Balance

A list of all accounts and their balances after closing entries are made, serving to verify the equality of debits and credits.