Which of the Following Best Defines the Accounting Data Standards

question 36

Multiple Choice

Which of the following best defines the Accounting Data Standards: Procure to Pay Subledger?

• A) focuses on sales orders, accounts receivable, shipments, invoices, cash receipts and adjustments to accounts.
• B) identifies data needed for purchase orders, goods received, invoices, payments, and adjustments to accounts.
• C) adds the chart of accounts, source listings, trial balance, and GL (journal entry) detail.
• D) defines product master data, location data, inventory on hand data, and inventory movement.

---

Definitions:

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Banking Crisis

A financial situation where banks face significant liquidity or solvency issues, leading to a lack of confidence and potential failure or government intervention.

Subprime Mortgages

Loans offered to individuals with poor credit scores at higher interest rates than conventional mortgages, contributing to the 2008 financial crisis.

Speculative Frenzy

A period marked by widespread excitement or irrational behavior among investors, leading to significant asset price volatility.