Which of the Following Best Defines the Accounting Data Standards

question 30

Multiple Choice

Which of the following best defines the Accounting Data Standards: Base Standard?

• 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 the format for files and fields as well as some master data for users and business units.

---

Definitions:

Fiscal Year

A fiscal year is a 12-month period used for accounting purposes and preparing financial statements, differing from a calendar year.

Bonds Payable

A liability account in a company's balance sheet representing the amount it owes on issued bonds that have not yet been repaid.

Interest Expense

The cost incurred by an entity for borrowed funds, which is considered a non-operating expense on the income statement.

Effective Interest Method

A way of amortizing bond premiums or discounts over the bond's life that reflects the constant yield to maturity.