State the Purposes of the Four Elements of a Database

question 63

Essay

State the purposes of the four elements of a database application.

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Definitions:

Current Liabilities

Short-term financial obligations that are due within one year or within the normal operating cycle of a business.

Current Assets

Resources anticipated to be transformed into cash, sold, or utilized within a year or during the standard operational cycle of the company.

Fiscal Year

A one-year period that companies and governments use for accounting purposes and preparing financial statements, which may not align with the calendar year.

Natural Business Year

A fiscal year that ends when business activities have reached the lowest point in an annual operating cycle.