What Is a Derived Attribute, and How Is It Different

question 84

Essay

What is a derived attribute, and how is it different from a stored attribute?

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Definitions:

Transaction

Any event or activity that affects the financial position of a company and can be measured reliably in monetary terms.

Accounts

Records that summarize all the transactions related to a specific financial aspect, such as assets, liabilities, equity, expenses, and income.

Basic Accounting Equation

Assets = Liabilities + Owner’s equity.

Assets

Economic resources owned or controlled by an individual, company, or entity, expected to provide future benefits.