In an OLTE System, Use of Data Entry Devices Allows

question 18

True/False

In an OLTE system, use of data entry devices allows business event data to be entered directly into the information system at the time and place that the event occurs.

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Definitions:

Petty Cash

A small amount of cash kept on hand for minor, incidental expenses.

Cash Over And Short

An account used to report minor discrepancies between physical cash amounts and accounting records.

Receipts For Disbursements

These are documents that serve as proof of payment transactions, such as the payment of expenses or the distribution of cash.

Petty Cash Fund

A minimal sum of money kept in reserve for covering minor costs that aren't worth issuing a check for.