Which of the Following Statements About REA Modeling and REA

question 40

Multiple Choice

Which of the following statements about REA modeling and REA diagrams is false?

• A)REA is an acronym for Resources,Entities,and Agents.
• B)REA data modeling does not include traditional accounting elements such as ledgers,chart of accounts,debits and credits.
• C)REA data modeling could be referred to as an events-based model.
• D)REA diagrams must include at least two activities,which together represent a give-get economic exchange.

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Definitions:

Express Ratification

The explicit approval or confirmation of an act or agreement, usually after the fact, making it officially valid.

Mental Illness

A broad range of mental health conditions that affect mood, thinking, and behavior, often requiring medical diagnosis and treatment.

Legal Capacity

The ability of an individual or entity to enter into legally binding contracts and be sued or sue others.

Discharged

The completion, termination, or fulfillment of an obligation, debt, or contract.