A Single Occurrence of an Entity Type Defines

question 2

Multiple Choice

A single occurrence of an entity type defines:

• A)entity instance
• B)entity appearance
• C)attribute
• D)data element

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Definitions:

Net Income

The amount of money remaining after all operating expenses, taxes, and dividends have been subtracted from total revenue.

Fair Value

An estimate of the price at which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Equity Method

An accounting technique used to record investments in other companies when the investor has significant influence over the company.