An Attribute Is a Characteristic or Property of an Entity

question 38

True/False

An attribute is a characteristic or property of an entity.

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Definitions:

Financial Statements

Formal records of the financial activities and condition of a business, person, or other entity, typically including a balance sheet, income statement, and cash flow statement.

Plant Assets

Long-term tangible assets used in the operation of a business and not expected to be consumed or converted into cash in the short term.

Depreciated

The decrease in the value of an asset over time due to wear and tear, age, or obsolescence, typically accounted for on financial statements through depreciation expense.

Salvage Value

The anticipated market value of an asset at the conclusion of its utility period.