Describe the Usefulness of Metadata

question 67

Essay

Describe the usefulness of metadata.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, revealing profit or loss.

Retained Earnings

Retained earnings are the portion of a company’s profits that is kept or retained rather than being paid out as dividends to shareholders or reinvested into the business.

Closing Entries

Entries recorded at the conclusion of an accounting cycle to shift balances from temporary to permanent accounts.

Charters

Legal documents that establish a corporation or other organization, setting forth the name, purpose, regulations, and structure of the entity.