Identify and Briefly Describe Four Types of Schemas

question 33

Essay

Identify and briefly describe four types of schemas. Provide an example of each schema to help illustrate the concept.

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Definitions:

Credit Decreases

In accounting, actions that decrease liabilities or increase assets, typically reflected in the credits column of a ledger.

Account

A record that summarizes financial transactions of a specific type, such as revenue, expenses, assets, or liabilities.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.

Increased

A term indicating that a numerical value, quantity, or financial metric has gone up from a previous measurement.