5 Questions
Which of the following systems deals with vendor invoices, payments, and adjustments?
Accounts payable and disbursement systems
Which system involves the delivery of goods and issuance of delivery receipts?
Delivery systems
Which system is used for transactions that cannot be recorded in any other special journal?
General journal systems
Which system keeps track of inventory movements and costing?
Inventory systems
Which system monitors billing and collections per customer?
Billing and collection systems
Study Notes
- Transaction processing systems include purchasing, accounts payable, payroll, delivery, billing and collection, inventory, and general journal systems.
- Purchasing systems involve purchase requests, purchase orders, receiving reports, and purchase return slips.
- Accounts payable and disbursement systems deal with vendor invoices, payments, and adjustments.
- Payroll systems include payroll registers, payslip printing, cash advance listings, and government remittances and obligations.
- Delivery systems involve the delivery of goods and issuance of delivery receipts.
- Billing and collection systems monitor billing and collections per customer.
- Inventory systems keep track of inventory movements and costing.
- General journal systems are used for transactions that cannot be recorded in any other special journal.
- System components include databases, reports, templates, registers, and financial reports.
- These systems are essential for businesses to efficiently process transactions and manage their finances.
Test your knowledge on transaction processing systems with this informative quiz. From purchasing and accounts payable to payroll and inventory, this quiz covers the essential components and functions of transaction processing systems. Learn about the different systems involved in transaction processing and their specific roles in managing a business's finances. Put your skills to the test and see how much you know about the importance of transaction processing systems for businesses.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
