Diagrams and Schematic Representations of Some Aspect of a System

question 48

Multiple Choice

Diagrams and schematic representations of some aspect of a system are examples of a ______ model.​

• A)logical
• B)​graphical
• C)​mathematical
• D)​textual

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Definitions:

Periodic Inventory System

An inventory accounting system where inventory levels and cost of goods sold are determined at the end of an accounting period through physical counts.

Merchandise

Goods that are bought and sold in the course of business, typically in a retail or wholesale setting.

Note Payable

A written promissory note in which the borrower agrees to pay back the lender a certain amount of money at a future date or on demand.

Adjusting Entries

Entries made in the general journal at the close of an accounting period to update the ledger accounts for any income or expenses incurred but not yet recorded.