What Is the Difference Between Primary and Secondary Data? Name

question 153

Essay

What is the difference between primary and secondary data? Name two advantages and two disadvantages for using each type of data.

---

Definitions:

Units-of-production

A method of depreciation based on an asset's usage, activity, or parts produced rather than passing time.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.

Molding Machine

A machine used in manufacturing to shape liquid or pliable material using a rigid frame called a mold or matrix.

Straight-line Rate

A method of calculating depreciation by evenly allocating the cost of an asset over its useful life.