In database management and computerised accounting systems, a 'NULL' value is used to represent a missing or unknown value in a data field. It specifically indicates the absence of data, distinct from a value of zero or an empty string.
\begin{itemize}
\item[(A)] Stores value items: Incorrect. Null doesn't store a value.
\item[(B)] Data with many values: Incorrect. Represents absence of a value.
\item[(C)] Absence of data items: Correct. Null signifies that no value has been entered or is known for that field.
\item[(D)] Single value data item: Incorrect. Represents absence, not a single value.
\end{itemize}