The Input from a POS Terminal Serves as Output to Other

question 39

True/False

The input from a POS terminal serves as output to other computers to maintain sales records, update inventory, verify credit, and perform other activities associated with sales transactions.

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Definitions:

General Ledger

A complete ledger detailing every fiscal activity during the lifespan of a business.

Transaction Errors

Mistakes or inaccuracies occurring in the recording, processing, or reporting of financial transactions.

Debit

Amount entered on the left side of an account.

Credit

In financial terms, credit is the ability to borrow money or access goods or services with the understanding that payment will be made in the future.