COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 2, Problem 1.1SRQ

What is a business transaction?

Expert Solution & Answer
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To determine

Define the term “Business Transaction”.

Explanation of Solution

The economic event which brings about any changes in the financial items of a business and can be measured in the monetary units is referred to as a business transaction.

A business transaction triggers some change in assets, liabilities or owners’ equity. A business transaction always affects two or more accounts. It always balances the accounting equation.

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