Type and Group Entities Are Similar in That Both Are

question 16

Multiple Choice

Type and group entities are similar in that both are abstractions that represent sets of

• A)objects.
• B)semantics.
• C)attributes.
• D)tables.

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Definitions:

Periodic Inventory System

An inventory system where the inventory count is updated and cost of goods sold is calculated at specific intervals, not continuously.

Purchase Returns and Allowances

Concessions granted by sellers to buyers, involving the return of goods or issuance of allowances for unsatisfactory products or services.

Purchase Discounts

Reductions in the price of goods that a buyer is entitled to for early payment or volume purchases.

Freight-In

Costs associated with bringing inventory to a business location, typically included in the inventory cost.