Differentiate Between the Traditional and Database Approach to Data Management

question 11

Essay

Differentiate between the traditional and database approach to data management.

---

Definitions:

LIFO

Last In, First Out; an inventory valuation method where the last items placed in inventory are the first ones considered sold.

Retrospective Approach

A method used in accounting to apply new accounting policies to transactions, other events, and conditions as if the new policy had always been in place.

Revenue And Expense Accounts

Accounts in financial statements that track the income generated and the costs incurred during a specific period.

Owners' Equity Accounts

Accounts that reflect the owners' stake in the company, including capital contributed and retained earnings minus any drawings or distributions to the owners.