Explain data with an example
What will be an ideal response?
Data is defined as recorded facts or figures. Information is knowledge derived from
data. The facts that an employee of an organization earns $17.50 per hour and that another
employee of the same organization earns $25.00 per hour are examples of data.
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In a period of rising prices, the inventory method which tends to give the highest reported net income is
a. base stock. b. first-in, first-out. c. last-in, first-out. d. weighted-average.
Expenses that fall outside the regular operations of a business are ________
A) not shown in the income statement of a merchandiser B) treated as current assets and are shown as merchandise inventory C) included under the other revenues and expenses section of the income statement D) not considered for the calculation of net income