In a Computerized Environment,the Posting Process Is Completed Automatically When

question 215

True/False

In a computerized environment,the posting process is completed automatically when the user enters the journal entry.

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Definitions:

Purchased

Acquired in exchange for money or its equivalent; obtaining ownership of a good or service.

Days' Sales

A financial ratio that measures the average time it takes a company to convert its inventory into sales.

Ending Inventory

The total value of all inventory, including raw materials, work-in-progress, and finished goods, held by a company at the end of an accounting period.

Cost Of Goods Sold

The total cost associated with making or purchasing goods sold by a company during a specific period.