What is an Exception Item in the context of transaction processing?

An Exception Item in transaction processing refers specifically to entries that require special attention, often due to anomalies or issues that arise during the processing of transactions. This could include questionable charges that may require further investigation or clarification before they can be approved or settled. Such items often indicate discrepancies, errors, or fraud risks, necessitating additional review to ensure the integrity and accuracy of the transaction processing system.

In contrast, the other options describe scenarios that do not align with the definition of Exception Items. Items needing no further review typically represent standard transactions that pass through the system without any concerns. Commonly accepted transactions with minimal risk are those that are processed efficiently and without complications. Merchandise returns might necessitate monitoring or adjustments but do not fit within the mechanics of transaction processing where an Exception Item indicates a deviation from normal operations.