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business or transactional processing
system which captures transactions and outputs financial statements
Transactional Processing Outline
1. Revenue cycle 2. Expenditure cycle 3. Production cycle 4. Human resources/Payroll cycle 5. Financing cycle
human resources/ payroll cycle
"employees are hired, trained, compensated, evaluated, promoted, and terminated."
"companies sell shares to investors, borrow money, investors are paid dividends, interests paid on loans"
General ledger and reporting system
show how transaction processes relate and interface and collects info from each for management and external parties
records of company data sent to external party and returned as input (ex. utility bill that is returned to the company with payment)
source data automation
devices that capture transaction data in machine-readable form at the time and place of origin
"summary-level data for every asset, liability, equity, revenue, and expense account"
all detailed data for any general ledger account that has many individual subaccounts
blocks of number within a numerical sequence are reserved for categories having meaning to the user
Used in conjunction with block code - two or more subgroups of digits are used to code the item
store cumulative information about an origination's resources and the agents whom it interacts - permament
contain records for individual business transactions that occur during a specific fiscal period
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