Briefly describe the transaction processing cycle.

What will be an ideal response?

The business data goes through a transaction processing cycle that includes data collection, data editing, data correction, data processing, data storage, and document production. Capturing and gathering all data necessary to complete the processing of transactions is called data collection. Data editing involves checking data for validity and completeness to detect any problems. A data correction involves reentering data that was not typed or scanned properly. Data processing refers to performing calculations and other data transformations related to business transactions. Data storage involves updating one or more databases with new transactions. Document production involves generating output records, documents, and reports.