After the Initial Declarations in Database Life Cycle (DBLC), the Database

question 39

True/False

After the initial declarations in Database Life Cycle (DBLC), the database designer must carefully probe in order to generate additional information that will help define the problem within the larger framework of company operations.

---

Definitions:

Incurred Expense

Expenses that have been recognized in the accounting period in which they are incurred, regardless of when the payment is made.

Adjusting Process

An analysis and updating of the accounts when financial statements are prepared.

Revenue Recognition Principle

A concept of accounting that states that revenues are recorded when earned, which is when the services have been performed or products have been delivered to customers.

Recorded

The action of entering financial transactions into the accounting records of a business.