The transaction processing cycle that is concerned with the events related to the transformation of resources into goods and services is
A) production.
B) revenue.
C) financial reporting.
D) expenditure.

Question

Quizplus · Accepted Answer

The production process involves transforming resources (such as raw materials or labor) into finished goods or services. This is a critical part of the transaction processing cycle, as it is where the value of these resources is realized and where costs are incurred. The revenue cycle is concerned with the activities related to sales and collections, while financial reporting deals with the preparation of financial statements and reports. The expenditure cycle deals with the activities related to purchases and payments.

The Transaction Processing Cycle That Is Concerned with the Events