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BUSINESS TRANSACTIONS
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If the transaction cannot be recorded in a business account, then it is not a ___.
Business Transaction
Occur when two or more parties are involved in the transaction.
External Transaction
____ are sometimes called exchange transactions.
External Transaction
____ are events that do not involve physical exchanges but where changes in monetary values are determinable.
Non-exchange transactions
___ involve physical exchange such as purchasing, selling, collection of receivables, and payment of accounts.
Exchange transactions
___ are economic events that affect the financial position of a business.
Business Transaction
The payment was received or paid in cash at the time the transaction occurred.
Cash Transaction
The payment is made after a set amount of time in this transaction.
Credit Transaction
No external party is involved in this transaction.
Internal transaction
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
This is not a business transaction.
Non-business transaction
Give one example of a source document.
Invoice, Receipt, Sale Order, etc.
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