Because of the Very Large Amount of Data and the Costs

question 24

True/False

Because of the very large amount of data and the costs associated with BI applications, small and mid-sized companies with limited IT staff and budgets sometimes use a new BI architecture called Pre-defined BI models.

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Definitions:

Normal Balance

The side (debit or credit) of an account on which increases to the account are recorded under double-entry accounting.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity.

Permanent/Temporary

distinguishes between accounts or actions that exist indefinitely (permanent) or for a specific duration (temporary).

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, preparing the books for the next period.