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:

Long-Run Supply Curve

A graphical representation showing the relationship between price and the quantity supplied that firms are willing to produce, given all inputs are variable.

Output

The cumulative quantity of products or services generated by a corporation, sector, or economic system.

Short Run

A period in economics during which at least one factor of production is fixed, influencing decisions on production and costs.

Minimum Price

The lowest price at which a product or service can be sold, often set by law or regulation to protect producers or prevent unfair competition.