Why do we say a database is self-describing and why is this an advantage?
What will be an ideal response?
A database is considered self-describing because it contains a description of its own structure within the database itself. This description is called the metadata, and it is stored in specialized tables in relational databases. The advantage is that the database is self-documenting, and that a knowledgeable user or a database designer can easily access the metadata. All DBMS vendors provide tools to access the metadata within their products.
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The matching of revenue with inventory costs is best achieved with the FIFO method
Indicate whether the statement is true or false
The formula for the variable overhead spending variance can be expressed as follows:
A) (AVOR - SVOR)AH B) (AVOR - SVOR)SH C) (AH - SH)SVOR D) (AH - SH)AVOR E) none of these
Megan Corporation's net income last year was $98,000. Changes in the company's balance sheet accounts for the year appear below: Increases(Decreases)Asset and Contra-Asset Accounts: Cash and cash equivalents$(3,000)Accounts receivable$(14,000)Inventory$3,000 Prepaid expenses$(7,000)Long-term investments$80,000 Property, plant, and equipment$55,000 Accumulated depreciation$58,000 Liability and Equity Accounts: Accounts payable$0 Accrued liabilities$15,000 Income taxes payable$(11,000)Bonds payable$(30,000)Common stock$20,000 Retained earnings$62,000 ?The company paid a cash dividend of $36,000 and it did not dispose of any long-term investments or property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The
following questions pertain to the company's statement of cash flows.The net cash provided by (used in) financing activities last year was: A. $46,000 B. $(46,000) C. $(10,000) D. $10,000
On January 1, 2018, a subsidiary buys 8 percent of the outstanding voting stock of its parent corporation. The payment of $350,000 exceeded book value of the acquired shares by $50,000, attributable to a copyright with a 10-year useful life. During the year, the parent reported operating income of $675,000 (excluding investment income from the subsidiary), and paid $100,000 in dividends. If the treasury stock approach is used, how is the Investment in Parent Stock reported in the consolidated balance sheet at December 31, 2018?
A. Consolidated stockholders' equity is reduced by $300,000. B. There is no effect on the consolidated balance sheet, because the effects have been eliminated. C. Included in current assets. D. Included in noncurrent assets. E. Consolidated stockholders' equity is reduced by $350,000.