____ Is Used to Reveal the Meaning of Data

question 12

Multiple Choice

____ is used to reveal the meaning of data.

• A) Raw facts
• B) Knowledge
• C) Formatting
• D) Information

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Definitions:

Prepaid Rent

Represents the payment of rent in advance before it is due, recorded as an asset on the balance sheet until it is expensed.

Deferral

An accounting concept where revenue or expense is recognized at a date later than the point when cash was originally exchanged.

Accrual

An accrual occurs when revenue has been earned or an expense has been incurred but has not been recorded.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use.