Explain the Purpose and Contents of the General Ledger Master

question 38

Essay

Explain the purpose and contents of the general ledger master file.

Evaluate the implications of machine learning and artificial intelligence in law enforcement tools.

Comprehend the role of digital tools and platforms in collecting and analyzing user data.

Understand the impact of technology advancements on privacy and surveillance.

Discern the ethical use of technology in competitive practices, such as sports.

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Definitions:

Profit Difference

The change in profit resulting from differences in sales, costs, or other financial factors between two periods.

Activity-Based Costing

A costing method that assigns costs to products or services based on the activities required to produce them, aiming to provide more accurate product costing.

Relevant Cost Decision Model

A decision-making tool that focuses on the costs directly related to a specific business decision, ignoring sunk costs and irrelevant expenses.

Recognises Revenues

The process of recording income in the financial statements when it is earned, according to the criteria set out in accounting standards.