When a Record from One Table Is Related to Several

question 11

True/False

When a record from one table is related to several records in another table,the tables have a one-to-many relationship.

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Definitions:

Reversals

Accounting actions undoing previous recognitions, such as reversing an expense or revenue recorded in earlier accounting periods.

Other Comprehensive Income

Income that is not included in net income and includes items that are not realized or not a result of daily operations, such as foreign currency translation adjustments.

Revaluation Method

An accounting technique that involves adjusting the book value of an asset to reflect its current fair market value.

Intangible

Assets that lack physical substance but have value due to their intellectual property or other non-physical qualities, such as patents, trademarks, and goodwill.