Which of the Following Statements About a Master File Is

question 47

Multiple Choice

Which of the following statements about a master file is false?

• A)A master file is conceptually similar to a ledger in a manual AIS.
• B)A master file's individual records are rarely,if ever,changed.
• C)A master file exists across fiscal periods.
• D)A master file stores cumulative information.

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Definitions:

Total Manufacturing Costs

The aggregate of expenses related to producing goods, including raw materials, labor, and overhead costs.

Work in Process Inventory

Products that are in the manufacturing process but are not yet complete, considered a current asset on the balance sheet.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, taxes, and interest payments.

Operating Expenses

Costs related to the day-to-day functions of a business outside of direct production costs, such as rent, salaries, and utilities.