Data Must Be Converted into Information to Be Considered Useful

question 12

Multiple Choice

Data must be converted into information to be considered useful and meaningful for decision-making.There are six characteristics that make information both useful and meaningful.If information is free from error or bias and accurately represents the events or activities of the organization,it is representative of the characteristic of

• A)Relevancy
• B)Timeliness.
• C)Understandability
• D)Reliability

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Definitions:

Mortgage Interest

Interest paid on a loan secured by a mortgage on a home, often tax-deductible under certain conditions.

Home Business

A business operated from the residence of the owner, leveraging the flexibility to manage personal and professional life.

§179 Expense Election

A provision of the U.S. tax code that allows businesses to deduct the full purchase price of qualifying assets financed or purchased during the tax year.

Business Automobile

A vehicle primarily used for business activities and purposes, which may qualify for tax deductions related to its use.