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How does transaction process system works?
A transaction processing system works by collecting, storing, modifying, and retrieving data related to business transactions. When a transaction occurs, data is captured and processed to ensure accuracy and completeness before being stored in a database. The system helps facilitate quick and efficient processing of transactions to support business operations.
How can I use my personal bank account for business transactions?
Using your personal bank account for business transactions can be done by keeping detailed records of all business-related transactions, separating personal and business expenses, and being transparent with your accountant or tax advisor. However, it is generally recommended to open a separate business bank account to maintain clear financial boundaries and simplify accounting processes.
Why are transactions recorded in the journals before being entered in the ledger accounts?
Journal is called the book of original entry because it is the first step as per the definition of accounting as well after that transactions are summarized into different ledgers etc.
What is government surveillance?
If you personally, or your transactions (bank, phone, internet,etc) are being observed and/or recorded by a Government Official, or Agency, you are under Government Surveillance.
Why is the web strategy of a business important?
The web strategy of a business is extremely important, as the internet is a major and fast-growing venue for business transactions. More and more business is being conducted online, and any business that does not have a web site or a web strategy will be left behind.
Why do we still have the concept of business days being Monday-Friday when most business are open 7 days per week.?
RETAIL businesses are open 7 days per week. Companies that deal in business-to-business transactions are usually closed on weekends.
What did Scrooge and Marley do in their business?
Scrooge and Marley were business partners who were known for lending money and collecting debts. They were involved in financial transactions and were described as being ruthless and unsympathetic in their dealings.
Which transactions represent an obligation being entered into GFEBS?
In GFEBS (General Fund Enterprise Business System), transactions that represent an obligation typically include contracts for goods and services, purchase orders, and any agreements that commit government funds. These transactions are recorded when the obligation is established, such as when a purchase order is issued or a contract is signed. Additionally, travel orders and other commitments that require funding also fall under this category. Overall, any action that legally binds the government to pay for goods or services creates an obligation in GFEBS.
Account Money measurement concept?
only those transactions which can be measured in terms of money are recorded.Since money is the medium of exchange and the standard ecnomic value, this concept requires that those transactions alone that are capable of being measured in terms of money be only be recorded in the books of accounts
Where the transactions are recorded for the first time?
Transactions are recorded for the first time in the journal, also known as the book of original entry. In this phase, each transaction is documented with a date, description, and amount, following the double-entry accounting system. This initial recording ensures that all financial activities are captured systematically before being later transferred to the general ledger for summary and reporting.
What is the advantage of owning an EBT card?
There are a number of advantages to owning an EBT card. Some of the advantages include being able to buy food using the card, transactions are processed faster than regular debit cards and they have strong security features.
Where do you find decimals being used?
Financial transactions
