Transaction Processing Q-3-3.

Overview of processing information

a. Which of the two tasks is done first maintenance or processing transactions?

b. Which of the following activities involves transaction processing in the sales and collection cycle?

I. Receiving a customer payment

II. Adding a new customer

III. Purchasing inventory

IV. Billing customers

V. Preparing a payroll check

VI. Entering the date of a cash sale

VII. Preparing a credit memo for goods returned

1. I, IV, V, and VI

2. I, II, V, and VII

3. I, IV, VI and VII

4. All of the above

5. None of the above

c. Assume you have just opened a company and want to begin processing transactions. In the table below, identify which icon on the Home Page you will select to process each of the transaction types. The first row is provided as an example.

Transaction Type Home Page Icon Button

Prepare a sales invoice ?

Deposit todays receipts ?

Receive inventory ?

Record employees time worked ?

Order new inventory ?

Issue credit for returned goods on a sale ?