Author Question: Which of the following is the first step of data preparation? A) standardization of data B) ... (Read 26 times)

ec501234 · **on:** Jul 6, 2018

Which of the following is the first step of data preparation?

A) standardization of data
B) creating a data inventory
C) classification of data
D) creating a database

Question 2

List in order of preparation and explain the purpose of the three main financial statements, including what is on each statement.

Alyson.hiatt@yahoo.com · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

B
Explanation: B) The first step of data preparation is to create a data inventory of all items that have been received, including a list of specific items, sources, and dates requested/received.

Answer to Question 2

Income Statement Shows total revenue minus total expense, which yields the net income or net loss.
Statement of Owner's Equity Show how and why the owner's equity, or Capital, account has changed over the stated period of time. Includes net income or loss, investments, and withdrawals.
Balance Sheet Shows financial position including assets, liabilities, and owner's equity as of one particular date.