The following are three main components of a Transaction Processing System (TPS):
(a) Input: A computerised accounting system accepts the complete transaction data as input through the process of data collection, data editing, data validation and data manipulation.
(b) Storage: The system stores the inputted data in computer storage media such ashard disk.
(c) Output: The stored data, through the process of report generation and query support can be retrieved and processed as and when required for generating an accounting report as output.
