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

question 115

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

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Definitions:

AASB 141

Refers to the Australian Accounting Standard on Agriculture, guiding on the accounting for agricultural activity including the recognition and measuring of biological assets.

Biological Assets

Living plants or animals that are used in agricultural activities from which agricultural produce is harvested, accounted for under specific accounting standards.

Fair Value

An estimate of the price at which an asset or liability could be exchanged in a current transaction between willing parties.

AASB 141

An Australian Accounting Standards Board standard that concerns agriculture, detailing the accounting for agricultural activity including the transformation of biological assets (living plants and animals) into agricultural produce.