When Discussing Entity Relationship Diagrams, This Is Considered to Be

question 20

Multiple Choice

When discussing entity relationship diagrams, this is considered to be a noun, that represents items in the accounting system:

• A)Attribute
• B)Relationship
• C)Entity
• D)Flow

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Definitions:

Beginning Inventory

The value of a company's inventory at the start of an accounting period, used to calculate cost of goods sold during the period.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting cost of goods sold.

Perpetual Inventory System

An inventory management system that continuously updates the quantity and value of inventory on hand after each transaction.

LIFO Method

"Last In, First Out," an inventory costing method where the last items placed in inventory are the first ones to be used or sold.