Two Distinct Ways to Structure the Data Processing Function Are

question 25

Short Answer

Two distinct ways to structure the data processing function are ____________________ and ____________________.

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Definitions:

Adjusting Entries

Journal entries made in an accounting system to update account balances before financial statements are prepared, ensuring records adhere to the accrual basis of accounting.

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, to ensure they are equal.

Current Assets

Current assets are assets that a company expects to convert into cash, sell, or consume through the normal operations of the business within one year or one business cycle, whichever is longer.

Balance Sheet

A Balance Sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.