When the Sales-Related Data Are Captured in the Sales Order

question 79

Multiple Choice

When the sales-related data are captured in the sales order department and then the information flows to the managers housed in the marketing department, it is an example of a:

• A) vertical information flow
• B) horizontal information flow
• C) both vertical and horizontal information flow
• D) neither vertical nor horizontal information flow

Identify and classify different types of accounts that require adjustments, such as prepaid expenses, unearned revenues, accrued revenues, and accrued expenses.

Demonstrate the ability to prepare journal entries for common types of adjusting entries, including prepayments, accruals, and depreciation.

Analyze the effects of adjusting entries on the balance sheet and income statement.

Distinguish between the different effects that omitting adjustments can have on financial statements.

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