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Assignment On Transaction Processing System In Montgomery
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Multi-State
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Montgomery
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US-00223
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Final answer: The best description for a payroll system is a Transaction Processing System (TPS), as it handles a large number of transactions related to employee payments.
A transaction processing system is a software system or software/hardware combination that supports processing of transactions. Payroll application is not a part of the transaction processing system.
A transaction processing system (TPS) is a type of data management information-processing software used during a business transaction to manage the collection and retrieval of both customer and business data.
Examples of transaction processing system are ATM, Telephone Account and airline seat reservation system.
Transaction processing systems generally go through a five-stage cycle of 1) Data entry activities 2) Transaction processing activities 3) File and database processing 4) Document and report generation 5) Inquiry processing activities.
A Transaction Processing System is defined as a computer system that handles interactions between users and the system with the expectation of immediate responses, grouping operations together as a unit of work where all operations must be completed successfully for any long-term effects to take place.
The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance. We begin by introducing the steps and their related documentation.
These 8 steps are: Identify transactions. Record transactions in a journal. Post transactions to general ledger. Determine unadjusted trial balance. Analyze a worksheet. Adjust journal entries. Generate financial statements. Close the books.
The three main types of Transaction Processing Systems include order processing, accounting, and purchasing.
The issuing bank transfers the transaction amount (minus any applicable fees) to the acquiring bank through the card networks. The details are recorded and reconciled among the parties involved. During the settlement process, the acquiring bank deposits the funds into the business's account.