A(n) ___________ Processing System Provides a Way to Collect, Process

question 25

Short Answer

A(n) ___________ processing system provides a way to collect, process, store, display, modify, or cancel transactions.

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Definitions:

Trial Balance

A financial worksheet that consolidates all ledger balances into debit and credit columns, verifying the mathematical accuracy of a company's accounting system.

Income Statement

A financial report that shows a company's revenues, expenses, and net income over a specific period.

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit.

Liability

A financial obligation or amount owed by a business to another entity, which is expected to be settled in the future.