OMR, OCR, and MICR Are All Types of _______

question 76

Multiple Choice

OMR, OCR, and MICR are all types of _______.

• A) Radio Frequency Card Readers
• B) magnetic card readers
• C) bar code readers
• D) character and mark recognition devices

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Definitions:

Residual Value

The estimated value of an asset at the end of its useful life, often used in calculating depreciation or lease payments.

Depreciation

The purposeful spreading of the financial burden of a physical asset over its active life.

Accumulated Depreciation

The total amount of depreciation expensed over an asset's useful life, reducing its book value on the balance sheet.

Commercial Substance

A concept in accounting that indicates a transaction has caused a significant change in future cash flows.