List Out the Strengths and Limitations of Secondary Data in Comparison

question 132

Essay

List out the strengths and limitations of secondary data in comparison with primary data.

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Definitions:

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing what the owners or shareholders own outright in the company.

Liabilities

Financial obligations a company owes to outside parties.

Assets

Resources owned by a business which are expected to provide future economic benefits, such as cash, inventory, property, and equipment.

Liabilities

Financial obligations or debts owed by a business to others, which must be settled over time through the transfer of economic benefits.