The Process of Transforming Data from Detailed to Summary Levels

question 51

True/False

The process of transforming data from detailed to summary levels is called normalization.

Differentiate between proprietary software and software suites.

Grasp the basics of software development and the terminology related to it.

Understand the distinction between application software and systems software.

Comprehend how application software and systems software relate to each other, to hardware, and to the user.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including materials and labor.

Net Sales

The amount of sales revenue remaining after deducting returns, allowances for damaged or missing goods, and discounts.

Gross Profit

The difference between net sales and the cost of goods sold, indicating the profit made before deducting expenses like salaries and rent.

Payroll Tax Expense

The cost to employers that includes the total of the employer’s FICA OASDI, FICA Medicare, FUTA, and SUTA taxes.