When a Transaction Cannot Be Processed in a Routine Fashion

question 54

Multiple Choice

When a transaction cannot be processed in a routine fashion because of an error or other processing problems, the transaction must be handled by a(n) :

• A) rejection routine
• B) change report
• C) exception and summary report
• D) exception routine

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Definitions:

Deferred Tax Assets

Future tax benefits arising from temporary differences between the tax and accounting recognition of revenue and expenses.

Classifying

The process of organizing data, objects, or concepts into categories based on shared qualities or characteristics.

Noncurrent Deferred Tax Liability

A tax obligation payable in future periods as a result of temporary differences between the tax base of an asset or liability and its carrying amount on the balance sheet.

Accelerated Depreciation

A method of depreciation that allows a larger portion of an asset’s cost to be written off in the early years of useful life, decreasing taxable income.