Describe the Process and Purpose of Crowd-Sourcing

question 20

Essay

Describe the process and purpose of crowd-sourcing.

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Definitions:

Perpetual Inventory System

An inventory management system where updates are made continuously to record sales and purchases in real-time.

Inventory Sold

Inventory sold refers to the goods or merchandise a company sells to its customers during a specific period, which were previously part of the company's inventory.

Perpetual Inventory System

A method of accounting for inventory that updates the inventory levels continuously after each purchase, sale, or return.

Income Statement

An income statement is a financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.