A Collection of Records for a Single Subject, Such as All

question 3

Multiple Choice

A collection of records for a single subject, such as all of the customer records, is called a(n) ____.

• A) Table
• B) Control
• C) Element
• D) Object

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, crucial for calculating cost of goods sold and gross profit.

Pretax Income

The income that a company earns before tax expenses are deducted, often referred to as earnings before tax (EBT).

Understatement

The act of presenting financial figures that are lower than the actual numbers, either intentionally or unintentionally.

LIFO Reserve

The difference in inventory valuation between the Last In, First Out (LIFO) method and another inventory accounting method, such as FIFO (First In, First Out).