What Is Master Data Management

question 102

Multiple Choice

What is master data management?

• A) Occurs when the same data element has different values.
• B) Occurs when a system produces incorrect, inconsistent, or duplicate data.
• C) Refers to the overall management of the availability, usability, integrity, and security of company data.
• D) The practice of gathering data and ensuring that it is uniform, accurate, consistent, and complete, including such entities as customers, suppliers, products, sales, employees, and other critical entities that are commonly integrated across organizational systems.

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Definitions:

Acquisition

The process by which a company purchases most or all of another company's shares or assets, in order to take control or ownership of that company.

Fair Value

The cost expected to be received for an asset sale or to be paid for transferring a liability during a well-organized interaction between market actors as of the valuation moment.

Subsidiary's Equity

The portion of equity (capital and reserves) in a subsidiary company that is attributable to its owners, including both parent and non-controlling interests.

Consolidation Adjusting Entries

Adjustments made in accounting records to remove the effects of intercompany transactions during the consolidation process for a group’s financial reporting.