Accountants May Provide the Greatest Value to Their Organization by Taking

question 34

Multiple Choice

Accountants may provide the greatest value to their organization by taking responsibility for data modeling.In which stage(s) of the database design process does data modeling occur?

• A)only in the systems analysis stage
• B)only in the design stage
• C)in both the systems analysis and design stages of database design
• D)neither the systems analysis nor the design stages of database design

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Definitions:

LIFO

"Last In, First Out," an inventory valuation method where the most recently produced or purchased items are the first to be expensed.

Cost Flow Assumption

An accounting principle that determines how costs are allocated to inventory and cost of goods sold, examples include FIFO, LIFO, and average cost methods.

Cost of Goods Sold

The immediate expenses related to the creation of products that a company sells.

Merchandise on Credit

Goods that have been sold but not yet paid for, implying that the buyer owes the seller money.