Identify the Item Below That Would Be Classified as an Event

question 32

Multiple Choice

Identify the item below that would be classified as an event by the REA data model.

• A)An IOU from a customer.
• B)The customer.
• C)A customer sale.
• D)A loan from a vendor.

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Definitions:

Cash Short

A situation that occurs when the actual cash received is less than the amount expected or recorded, often reflecting errors or theft.

Cash Over

A situation where the amount of cash on hand is more than the expected amount, indicating a discrepancy in transactions.

Auxiliary Petty Cash Record

A detailed documentation or log used to track petty cash expenses and replenishments separate from the main cash records.