In the Context of Data Models, an Entity Is a Person

question 53

True/False

In the context of data models, an entity is a person, place, thing, or event about which data will be collected and stored.

---

Definitions:

Notes Receivable

Financial assets representing rights to receive payments of principal and interest from debtors under terms specified in promissory notes.

Interest

The cost of borrowing money or the return on investment for savings and investments, often expressed as a percentage.

Adjusting Entry

An amendment added to the accounting records to accurately reflect the revenues earned and expenses incurred during a period.

Interest Note

A legal document that outlines the terms under which interest will be paid on borrowed funds.