Transaction Processing Is Real-Time Means (Choose the Most Appropriate Answer)

question 14

Multiple Choice

Transaction processing is real-time means (choose the most appropriate answer)

• A)An inventory receipt will show up as soon as it is received, but it could be in the pending approval category.
• B)A production batch completion will be transmitted to all appropriate tables as soon as it is entered.
• C)A customer could call into the order desk to know the status of the order
• D)A customer could know the status of his or her balance with the firm as soon as he/she mails the check.
• E)A, B and C only.

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Definitions:

Specific Period

A specific period in accounting refers to a set time frame for which financial statements are prepared or to which particular financial transactions or events pertain.

Retained Earnings

The accumulated portion of net income that a company elects to keep, rather than distribute to shareholders as dividends.

Future Use

Refers to resources or assets that are intended to be utilized in upcoming periods, not immediately.

Payments

Monetary transactions involving the transfer of funds to fulfill a debt or obligation.