Which of the following is NOT a purpose of the transaction processing system? a. managing and reporting on the status of financial investments b. converting economic events into financial ...

Which of the following is NOT a purpose of the transaction processing system?

a. managing and reporting on the status of financial investments

b. converting economic events into financial transactions

c. distributing essential information to operations personnel to support their daily operations

d. recording financial transactions in the accounting records

Solutions

Expert Solution

The correct answer is:

a. managing and reporting on the status of financial investments.

Explanation:

Managing and reporting on the status of financial investments is typically not a direct purpose of the transaction processing system. Transaction processing systems are primarily responsible for converting economic events into financial transactions, recording financial transactions in the accounting records, and distributing essential information to operations personnel to support their daily operations. Managing and reporting on financial investments usually involve specialized systems like portfolio management systems rather than transaction processing systems.

The correct answer is:

a. managing and reporting on the status of financial investments.

Junaid answered 4 months ago

Next > < Previous

Related Solutions

1. Which of the following is not a purpose of external financial reporting by governments? External...

1. Which of the following is not a purpose of external financial reporting by governments? External financial report should allow users to: A. assess financial condition B. compare actual results with the budget C. assess the ability of elected officials to effectively manage people D evaluate efficiency and effectiveness. 2. Users of government financial statements should be interested in information about compliance with laws and regulations for which of the following reasons? A to determine if the entity has complied...

Discuss the nature and purpose of financial reporting, economic concepts of income, and earnings management. The...

Discuss the nature and purpose of financial reporting, economic concepts of income, and earnings management. The remainder of the course uses this information to analyze a company's creditworthiness and profitability. With this in mind, are accountants ethically obligated to report financial information accurately? Does reporting using the generally accepted accounting principles imply accuracy? What are some potential consequences for an external analyst if a company provides inaccurate or misleading financial statements?

1. Which of the following events is not a transaction that would be recorded in a...

1. Which of the following events is not a transaction that would be recorded in a company's accounting records? A. The purchase of equipment for cash B. The purchase of equipment on account C. Investment of additional cash in the business by the owner D. The Death of a key executive 2. On the statement of financial portion, how are assets and liabilities normally presented? A. Assets are presented in order of liquidity: liabilities are presented in the order in...

Which of the following accounting concepts justifies the following practice: For financial reporting purposes, the economic...

Which of the following accounting concepts justifies the following practice: For financial reporting purposes, the economic life of the business is divided into months, quarters, or years? Materiality Periodicity Full disclosure Consistency In which balance sheet section would trademarks be reported? Property, plant, and equipment Current assets Intangible assets Entity F has current assets of $1,600,000 and current liabilities of $750,000. If the company issues $200,000 of new stock what will its new current ratio be? (rounded) 2.13:1 1.7:1 1.9:1...

Financial accounting involves identifying, measuring, recording, and communicating in dollar terms the economic events and status...

Financial accounting involves identifying, measuring, recording, and communicating in dollar terms the economic events and status of an organization. This is typically done through the use of 3 financial statements. These 3 statements are used to summarize the organization's financial status and performance. This is key to the survival of most healthcare organizations today. We have to know how much money we made and how much we spent. List the 3 financial statements used in financial accounting. Discuss the importance...

Explain how the transaction cycles and the general ledger/financial reporting system interact with the conversion cycle.

Which of the following is an example of economic exposure but not an example of transaction...

Which of the following is an example of economic exposure but not an example of transaction exposure? A decrease in the peso's value decreases a U.S. firm's dollar value of peso receivables An increase in the pound's value increases a U.S. firm's cost of British pound payables. An increase in the dollar's value impacts a U.S. firm's domestic sales because foreign competitors are able to increase their sales to U.S. customers. A decrease in the Swiss franc's value decreases the...

Which of the following statements) about the history of transaction processing isare) true? (Check all that...

Which of the following statements) about the history of transaction processing isare) true? (Check all that apply. When computers were invented, we digitized journals and ledgers and created transaction files and master files that did the job of paper. based journals and ledgers. Originally, people kept track of transactions using a single-entry accounting system When the number of master files proliferated, we combined multiple files into databases, which have grown much smaller and simpler We used double bookkeeping systems with...

Which view of the objectives of general purpose financial reporting do you regard as the most important? Why?

PART B The government responds to the events above by implementing the following economic policies: increasing...

PART B The government responds to the events above by implementing the following economic policies: increasing transfer payments to the unemployed and pensioners; decreasing income taxes on individuals and increasing subsidies and taxation allowances to Australian firms. Required: Explain the OVERALL intended effects of the above government following economic conditions on the equilibrium price level and Real GDP of the Australian economy (Note: a diagram is not required for this question). Identify and briefly explain two AD and or AS...

Subjects