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Creating Tables and Relationships for Accounting Database Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

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FAQs on Creating Tables and Relationships for Accounting Database Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What are the key tables that should be included in an accounting database?
Ans. In an accounting database, some key tables that should be included are: - "Accounts" table: This table stores information about various accounts such as account number, account name, account type, and other relevant details. - "Transactions" table: This table records all financial transactions, including details like transaction date, amount, description, and references to the accounts involved. - "Customers" table: This table stores information about the customers, including their names, contact details, and any other relevant information. - "Vendors" table: This table contains details about the vendors or suppliers, such as their names, contact information, and other relevant data. - "Employees" table: This table holds information about the employees, including their names, contact details, and other relevant information.
2. How can relationships be established between tables in an accounting database?
Ans. Relationships between tables in an accounting database can be established using primary and foreign keys. A primary key is a unique identifier for each record in a table, while a foreign key is a reference to the primary key of another table. By linking the primary key of one table to the foreign key of another table, relationships can be created. For example, the "Transactions" table can have a foreign key referencing the "Accounts" table to establish a relationship between the two.
3. What is the purpose of a "Chart of Accounts" table in an accounting database?
Ans. The "Chart of Accounts" table in an accounting database serves as a comprehensive list of all the accounts used in an organization's financial system. It includes account numbers, account names, and other relevant information. This table helps in organizing and categorizing financial transactions, making it easier to generate accurate financial reports and statements. It provides a standardized framework for recording and classifying different types of financial activities within an organization.
4. How can a database schema be designed to handle multi-currency transactions in an accounting database?
Ans. To handle multi-currency transactions in an accounting database, the schema can be designed to include additional fields such as "Currency" and "Exchange Rate" in the "Transactions" table. The "Currency" field would store the currency code (e.g., USD, EUR) used for the transaction, and the "Exchange Rate" field would store the conversion rate between the transaction currency and the organization's base currency. By capturing this information, the database can accurately calculate and convert transaction amounts to the base currency for reporting purposes.
5. How can a database ensure data integrity in an accounting system?
Ans. To ensure data integrity in an accounting system, the database can implement various measures such as: - Use of constraints: Applying constraints like unique, not null, and foreign key constraints can help enforce data integrity rules. - Validation checks: Implementing validation checks at the database level can ensure that only valid and accurate data is stored. - Regular backups: Performing regular backups of the database helps in safeguarding the data against any potential loss or corruption. - Role-based access control: Implementing role-based access control ensures that only authorized individuals can modify sensitive financial data. - Audit trails: Maintaining audit trails to track any changes made to the financial data helps in detecting and resolving any unauthorized or erroneous modifications.
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