Correct Categorization of Information

question 67

Multiple Choice

Correct categorization of information

• A) allows for information to be retrieved faster.
• B) creates complex schemas that slow down reaction time.
• C) occurs automatically and without effort.
• D) usually does not occur until age 6 or 7.

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Definitions:

General Ledger

A comprehensive accounting record of a company’s financial transactions over its life, encompassing all accounts.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each with a unique account number.

Account Names

Specific titles given to accounts that reflect the nature of the transactions they represent in the accounting records.

Account Title

The name given to an account that reflects the type of transaction it represents, such as "Sales Revenue" or "Accounts Payable."