Which of the following is NOT a master data element?

Master data elements are foundational data used across various business processes, often serving as key identifiers or categories that help in organizing and managing other operational data. In the context of finance and budgeting, elements such as Functional Area, Funds Center, and Commitment Item are all considered master data.

Functional Area serves as a classification for operations or departments within an organization, allowing for efficient tracking and reporting. Funds Center is a structure that indicates areas where budgetary control is applied and funds are utilized. Commitment Item is used to classify types of expenses, differentiating between various costs.

On the other hand, the Application of Value does not fit the definition of a master data element. Instead, it can refer to a concept or method used in financial processes but lacks the structural role that master data elements provide in categorizing and managing organizational data. Therefore, it is accurate to say that this particular term does not represent a core component of master data in the financial context.