The __________ MIS Infrastructure Identifies Where and How Important Information

question 21

Multiple Choice

The __________ MIS infrastructure identifies where and how important information, such as customer records, is maintained and secured.

• A)Sustainable
• B)Information
• C)Virtualized
• D)Agile

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Definitions:

First Closing Entry

The first journal entry in the closing process that transfers revenue and the expense account balances to the owner’s capital account as either a net income or a net loss.

Owner's Equity

The residual interest in the assets of a business after all liabilities are deducted, essentially the owner's share of the company's net assets.

Revenues

The total amount of money received by the company for goods sold or services provided during a specific time period before any expenses are subtracted.

Closing Entries

Entries recorded at the close of an accounting period to move balances from temporary accounts to permanent ones.