___ are economic events that affect the financial position of a business.
Business Transaction
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15
____ are sometimes called exchange transactions.
External Transaction
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15
Give one example of a source document.
Invoice, Receipt, Sale Order, etc.
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15
No external party is involved in this transaction.
Internal transaction
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baam
Lose 15 points!
Oops!
magnet
Take 20 points!
Okay!
rocket
Go to first place!
Okay!
lifesaver
Give 10 points!
Oops!
15
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?
Non-business transaction
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trap
No points!
Oops!
rocket
Go to first place!
Okay!
gift
Win 15 points!
Okay!
baam
Lose 15 points!
Oops!
15
Occur when two or more parties are involved in the transaction.
External Transaction
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lifesaver
Give 15 points!
Oops!
shark
Other team loses 15 points!
Okay!
shark
Other team loses 5 points!
Okay!
thief
Give points!
5
10
15
20
25
15
The payment was received or paid in cash at the time the transaction occurred.
Cash Transaction
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15
____ are events that do not involve physical exchanges but where changes in monetary values are determinable.
Non-exchange transactions
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15
___ involve physical exchange such as purchasing, selling, collection of receivables, and payment of accounts.
Exchange transactions
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15
If the transaction cannot be recorded in a business account, then it is not a ___.
Business Transaction
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15
The payment is made after a set amount of time in this transaction.