Figure 7-2 -Figure 7-2 Shows That Secondary Data May Be Divided into Divided

question 132

Multiple Choice

Figure 7-2
-Figure 7-2 shows that secondary data may be divided into two related parts. If B represents data collected from the U.S. Census Bureau, trade association studies, business periodicals, etc., which type of data is B?

• A) compiled data
• B) mined data
• C) internal secondary data
• D) external secondary data
• E) observational data

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Definitions:

Identifiable Assets

Assets that can be separately identified and valued in a business combination, distinguishable from goodwill.

FIFO System

First-In, First-Out method, an inventory valuation strategy where the oldest items are sold or used first.

Cost Method

An accounting approach used for recording investments, where the investment is recorded at cost and adjusted only for dividends received and not for changes in market value.

Interest Free

A loan or credit arrangement where the borrower is not required to pay any interest on the borrowed amount.