Under U.S.GAPP

question 159

Multiple Choice

Under U.S.GAPP

• A)Currency signs are generally used in the journal, ledger, trial balance, and financial statements.
• B)Share Capital-Ordinary is referred to as Retained Earnings.
• C)The statement of financial position is often called the statement of changes in financial position.
• D)The rules of debits and credits, and the steps in the recording process are the same as under IFRS.

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Definitions:

Object-oriented

A programming paradigm based on the concept of "objects", which can contain data, in the form of fields, and code, in the form of procedures, making software design more modular.

Relational

Pertaining to databases in which data is organically structured in table form, emphasizing relations between different entities and variables.

Referential Integrity

In a relational database, a condition where, for each value in the foreign key table, there’s a corresponding value in the primary key table.

Foreign Key

In a relational database, the common field between tables that’s not the primary key.