The payment was received or paid in cash at the time the transaction occurred.

Give one example of a source document.

____ are events that do not involve physical exchanges but where changes in monetary values are determinable.

___ are economic events that affect the financial position of a business.

No external party is involved in this transaction.

The payment is made after a set amount of time in this transaction.

Occur when two or more parties are involved in the transaction.

___ involve physical exchange such as purchasing, selling, collection of receivables, and payment of accounts.

The students benefit from the useful or inspiring contents of the commencement speech, while the CEO and his corporation are publicized in the process. What transaction is this?

____ are sometimes called exchange transactions.

This is not a business transaction.

If the transaction cannot be recorded in a business account, then it is not a ___.