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Question - What is Metadata, Transaction data, and Master data

Answer -

Meta Data: Meta Data is data about Data. It states the structure of data or MetaObjects.
Transaction Data: This is data related to day to day transactions.
Master Data: This Data is key business information like Customer information, Employee, Materials, etc. This is more like a reference data. For Ex. If a customer orders ten units of your product instead of asking the customer for his shipping address ten times, the same can be referenced from the Customer Master Data.

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