Grouping or Categorizing Data According to Common Attributes Is Called

question 34

Multiple Choice

Grouping or categorizing data according to common attributes is called:

• A) coding data
• B) filing data
• C) classifying data
• D) updating data

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Definitions:

Normal Balance

Represents the side (debit or credit) of an account that increases its value, based on the double-entry accounting system.

Debit

An accounting entry that increases an asset or expense account, or decreases a liability or equity account.

Cash Discount Period

A specific time frame during which a buyer can pay less than the full amount due by taking advantage of a discount offered.

Liability Account

A financial accounting term for amounts owed by a business to creditors or others, usually categorized as current or long-term.