When a Sale Occurs, the Information Resulting from That Sale

question 72

Multiple Choice

When a sale occurs, the information resulting from that sale must flow into the sales recording systems, the accounts receivable and cash collection systems, and the inventory tracking systems.In IT accounting systems, these recording and processing systems are referred to as:

• A)Transaction Processing Systems
• B)Revenue and Cash Processing Systems
• C)Point of Sale System
• D)E-business System

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Definitions:

Equitable Liens

A legal right or interest in a debtor's property, granted by a court to a creditor as a form of security for a debt or obligation.

Sales Contract

A legally binding agreement between a seller and a buyer detailing the sale of goods or services.

Court

A governmental institution authorized to settle disputes, adjudicate legal matters, and administer justice in accordance with the law.

Statute of Frauds

A legal principle that requires certain types of contracts to be in writing and signed by the parties involved in order to be enforceable.