Question

(something new and genuine is welcomed)

Elegant Limited sells restored classic cars. Most of its customers are private buyers who buy cars for themselves. However, some of them are investors who buy multiple cars and hold them for resale. All sales of Elegant Limited are for cash. Depict the association and cardinality for the sales of cars at Elegant Limited based on REA model. (10 marks, maximum 300 words)

Answer 1

The REA model represents Resource-Event-Agent model. It is a procedure to intellectualize the monetary exercises,

for example, deals and bookkeeping exchanges.

• The model is an ISO standard which guarantees the quality and unwavering quality.
• The primary factor is Resource. Asset here methods the cases or ownership of a monetary operator.
• The specialists have control on the assets. The case of an asset can be a decent or item or administration, a right, a case and so on.

The subsequent factor is an Event. Occasion here essentially implies a monetary action which emerges from the activities,

for example, creation, utilization, conveyance and trade.

• The last factor referenced by the model is Agents. Specialists are the gatherings distinguished based on the errand performed.
• For a situation of an organization selling vehicles, the asset is the vehicle that is on special.
• Different assets that the organization claims and has control on are the property rights, staff, human capital and so forth.
• The occasion in the situation is the deal and acquisition of vehicles.
• The organization likewise records its bookkeeping exchanges as a component of occasions.

The specialists are

1. the merchants
2. wholesalers
3. retailers
4. the makers.

A cardinality in a REA model depicts a connection between the two factors.

• It characterizes the occasions an element is connected to the next.
• In the current situation deals and clients are identified with one another.
• For each deal, the business head should show the quantity of clients.
• This will improve the adequacy and effectiveness of the endeavor.

NOTE:

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