16 What Does Entity Coding Identify

question 52

Multiple Choice

16 What does entity coding identify?

• A) Master file records
• B) Transaction event
• C) Receipt of sales order
• D) Acceptance of sales order

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Definitions:

Current Liability

Obligations or debts that a company expects to settle within one fiscal year or the operating cycle, whichever is longer.

Balance Sheet

A report detailing a business's assets, liabilities, and owners' equity at a particular moment.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year or within the operating cycle of a business.

Fixed Asset Accounts

Accounts that track the purchase, depreciation, and disposal of long-term assets owned by a company.