Identify Ways Existing Data Can Be Converted During Implementation and Discuss

question 91

Essay

Identify ways existing data can be converted during implementation and discuss precautions that should be taken during data conversion.

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Definitions:

Cost Of Merchandise Sold

The total cost of acquiring or manufacturing the goods that were sold to customers during a period.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, preparing the books for the next period.

Customer Refunds Payable

A liability account representing the amount of money owed by a company to customers for returned goods or cancelled services.

Net Income

The total profit of a company after all revenues and expenses, including taxes and interest, have been accounted for.