Multiple Choice
Which of the following best describes the distinction between ethics and business ethics?
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1. Introduction to Accounting
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Which type of data should only be entered in one place on your spreadsheet to ensure accuracy and consistency?
A
Cell references
B
Temporary calculations
C
Formatting instructions
D
Data that is used repeatedly throughout the spreadsheet
Verified step by step guidance1
Understand the concept of data consistency: In financial accounting, data that is used repeatedly throughout a spreadsheet should be entered in one place to ensure accuracy and consistency. This avoids errors caused by manual duplication.
Identify the type of data that fits this description: Examples include key financial figures, formulas, or assumptions that are referenced multiple times across the spreadsheet.
Use cell references to link data: Instead of manually copying data, use cell references to dynamically pull values from the original cell. This ensures that any updates to the original data automatically reflect throughout the spreadsheet.
Implement best practices for spreadsheet design: Place repeated data in a dedicated section, such as an 'Assumptions' or 'Inputs' tab, and reference it throughout the spreadsheet using formulas or cell references.
Test for accuracy: After setting up the spreadsheet, verify that all references are correctly linked and that changes to the original data propagate as expected.
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