Systems Consisting of Separate Software and Databases Linked into a Computer

question 43

Multiple Choice

Systems consisting of separate software and databases linked into a computer network are called:

• A) integrated systems.
• B) interfaced systems.
• C) coupled systems.
• D) linked systems.
• E) combined systems.

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Definitions:

FIFO Method

An inventory valuation method that assumes the first items placed in inventory are the first sold.

Balance Sheet

The balance sheet is a financial statement that shows a company’s financial position by detailing its assets, liabilities, and shareholders' equity at a specific point in time.

LIFO

Last-In, First-Out, an inventory valuation method where the goods purchased last are the first to be sold.

Inventory Costing Method

An accounting approach used to value inventory, determining the cost of goods sold and ending inventory balances; common methods include LIFO, FIFO, and weighted average cost.