A master file is a comprehensive computer file that holds essential standing data such as clients' names, addresses, and other critical information used for various business purposes.
Standing data refers to information stored in a computer system for long-term use because it does not frequently change. An example is the names and addresses of clients.
A computer file used to record both external and internal transactions, crucial for maintaining accurate and up-to-date financial records. Transaction files are frequently compared to standing data files in accounting systems.
