Online Transaction Processing (OLTP) Is the Capturing of Transaction and Event

question 50

Multiple Choice

Online transaction processing (OLTP) is the capturing of transaction and event information using technology to ________.

• A) Update existing information to reflect the new information
• B) Store the information
• C) Process the information according to defined business rules
• D) All of these choices are correct.

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Definitions:

Gross Misstatements

Significant errors or falsehoods in a financial statement or other crucial documents.

Reasonable Investigation

A diligent inquiry or examination to discover facts or gather evidence, conducted within the bounds of what is considered reasonable under the circumstances.

Sarbanes-Oxley Act

A U.S. federal law enacted to protect investors by improving the accuracy and reliability of corporate disclosures.

Public Company Auditors

Are independent entities or individuals tasked with examining and verifying the accuracy of a publicly traded company's financial statements.