The Two Primary Excel Tools for Diagnosing Problems in Models

question 8

Multiple Choice

The two primary Excel tools for diagnosing problems in models are ___________________.

• A) Error Auditing and Formula Checking
• B) Error Auditing and Formula Auditing
• C) Error Checking and Formula Auditing
• D) Error Checking and Formula Checking
• E) Error Diagnosing and Formula Debugging

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Definitions:

Adjusting Journal Entry

A record documented at the closing of an accounting cycle to distribute revenues and expenses to the appropriate period they took place in.

General Ledger

A general ledger is a comprehensive record of a company's financial transactions over the life of the organization, serving as the primary source for preparing financial statements.

Supplies Expense

Costs associated with the consumption of supplies necessary for the daily operations of a business, recognized as an expense in the accounting period in which they are used.

Inventory

The entire inventory of products and materials maintained by a business for selling or manufacturing purposes.