Describe Data Modeling

question 2

Essay

Describe data modeling.

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Definitions:

Financial Statements

Documents offering a summary of a corporation's financial status, encompassing the balance sheet, income statement, and statement of cash flows.

Stockholders' Equity

The portion of a company's assets that remains following the deduction of all liabilities, signifying the ownership interest of its shareholders.

Revenues

The total income generated from normal business operations and other activities over a period of time.

Expenses

Outflows or utilizing of assets, incurring liabilities resulting from operating activities, typically categorized into cost of goods sold, operating expenses, and non-operating expenses.