Differentiate Between Each of the Following

question 80

Essay

Differentiate between each of the following: 
Data and Information
Input and Output
Memory and Storage

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Definitions:

Contra-Revenue Accounts

Accounts that are used to record reductions in gross revenue, such as sales returns and allowances, and discounts.

Sales Discount

A reduction in price given by a seller to a buyer, often to encourage prompt payment.

Sales Tax Payable

A liability account used to keep track of sales tax that has been collected from customers but not yet remitted to the government.

Discount Period

The timeframe during which a discount is offered for the early payment of an invoice or a bill, encouraging quicker payment.