The Analysis of Summarized Data to Support Decision Making Is

question 80

Multiple Choice

The analysis of summarized data to support decision making is called:

• A) operational processing.
• B) informational processing.
• C) artificial intelligence.
• D) data scrubbing.

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Definitions:

Special Journals

Customized accounting journals used for recording specific types of transactions in detail, such as sales or purchases.

Cash Receipts Journal

An accounting journal specifically for all cash inflows or receipts, including sales, loan proceeds, and interest earned.

Current Asset

Assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business, whichever is longer.

LIFO Cost Assumption

The LIFO Cost Assumption is a principle used in the LIFO inventory valuation method, assuming that the most recently acquired items are the first to be sold, impacting the reported income and inventory costs.