When a System Sorts Edited Data Immediately Before a Master

question 57

Multiple Choice

When a system sorts edited data immediately before a master file update in a batch-oriented system,the operation sequence for editing and sorting is called

• A) sort and edit.
• B) edit and sort.
• C) sort and update.
• D) edit and update.

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Definitions:

Income Statement

An Income Statement is a financial statement that shows a company's revenues and expenses over a specified period, culminating in net profit or loss.

Periodic FIFO

Periodic FIFO (First-In, First-Out) is an inventory costing method used to calculate the cost of goods sold, assuming that the oldest inventory items are sold first.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding new purchases to the beginning inventory and subtracting the cost of goods sold.

Inventory Costing

The process of assigning costs to inventory items and determining the cost of goods sold.