In Which Transaction Cycle Would Customer Sales Transaction Information Be

question 21

Multiple Choice

In which transaction cycle would customer sales transaction information be most likely to pass between internal and external accounting information systems?

• A)the revenue cycle
• B)the expenditure cycle
• C)the human resources / payroll cycle
• D)the financing cycle

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Definitions:

Statement of Owners' Equity

A financial document detailing the changes in ownership interest, including investments and withdrawals, over a period.

Public Company Accounting Oversight Board

A regulatory body established by Congress to oversee the audits of public companies, with the aim of protecting investors and the public interest by ensuring informative, accurate, and independent audit reports.

Securities and Exchange Commission

A U.S. federal agency responsible for enforcing federal securities laws, regulating the securities industry, and ensuring market integrity.

FASB

The Financial Accounting Standards Board, an organization responsible for establishing accounting and financial reporting standards in the United States.