The Task of Improving the Efficiency of Crawford Insurance's Accounting

question 62

Multiple Choice

The task of improving the efficiency of Crawford Insurance's accounting information system was given to a project development team.During the ________ step in the systems development life cycle,the team defined the procedures needed to back up and secure the new system's data.

• A)operations and maintenance
• B)implementation and conversion
• C)physical design
• D)conceptual design

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Definitions:

Adjusted Trial Balance

A statement listing all accounts and their final balances after adjustments, used to verify the balance of debits and credits.

Unadjusted Trial Balance

A list of all the general ledger accounts and their balances at a specific point in time, before any adjustments are made.

Income Summary

An account used in the closing process that aggregates all revenues and expenses to determine the net income or loss for a specific period before transferring the balance to the retained earnings.

Retained Earnings

The portion of net income that is kept by the company rather than distributed to its shareholders as dividends.