Identify the Item Below That Would Be Classified as an Event

question 64

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 CFO
• C) a customer sale
• D) none of the above

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Definitions:

Profit

is the financial gain made in a transaction or business operation, calculated as the difference between revenue and costs.

Collude

The act of cooperating or conspiring, especially in a deceitful way, typically between competitors to fix prices or rig markets.

Oligopolists

Oligopolists are firms in a market where a small number of competitors hold significant market share, enabling them to influence market conditions.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy at that price.