A Software Program Must Be Changed to Accommodate New Tax

question 56

Multiple Choice

A software program must be changed to accommodate new tax rate values.What is the name of the process used to make such a change?

• A)debugging
• B)desk checking
• C)program maintenance
• D)programming

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Definitions:

Services Paid

Expenses related to services that have been paid for by a company or individual.

Services Performed

Tasks or activities completed by a business in exchange for payment, often recognized as revenue according to the revenue recognition principle.

Post-closing Trial Balance

A list of all accounts and their balances after the closing entries are made, used to check the accuracy of closing entries and prepare for the next accounting period.

Retained Earnings

The cumulative amount of net income earned by a company that is retained and not distributed to shareholders as dividends.