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Why is a business transaction entered in at least two accounts?
A business transaction is entered in at least two accounts since it will often be a double entry. For instance buying a car will add on the company assets but reduce on the finances of the company.
When two people agree to a transaction it is?
flat income
How Do I Meet The Criteria For A Business Cash Advance?
You would only require a couple of things in order to apply for a business cash advance: Open a bank account for at least two months and full-time employment or government income for at the least six months.
Distinguish between financial and non financial transaction?
A financial transaction is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset forpayment. It involves a change in the status of the finances of two or more businesses or individuals. The buyer and seller are separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money. It is still a transaction if you exchange the goods at one time, and the money at another. This is known as a two part transaction, part one is giving the money, part two is receiving the goods.
Errors of original entry?
When a wrong figure is entered in the two books of account.
Why is a business transaction entered in at least two accounts?
A business transaction is entered in at least two accounts since it will often be a double entry. For instance buying a car will add on the company assets but reduce on the finances of the company.
Can a business transaction affect at least two accounts?
yes
What are two types of modern technology used in business transaction?
computers and cell phones
The double-entry system requires that each transaction must be recorded?
in at least two different accounts.
2 Explain the process of journalizing the business transactions?
Accounting is a process-oriented task that follows a prescribed series of steps in order to keep track of, and record, the balances of the various accounts.When a business makes a transaction, the effect of that transaction is recorded in the accounting system. According to the fundamental accounting equation, each transaction will affect at least two accounts and the balances in those accounts will change.Accounting is the process of keeping track of those changes and recording and then reporting them.
What type of relationship has probably been formed if two or more parties agree to combine their efforts for a single business transaction?
A partnership has most likely been formed when two or more parties agree to combine their efforts for a single business transaction. In a partnership, all parties involved share in the profits and risks associated with the transaction.
All of the following occur with a double-entry accounting system except?
Each business transaction will have only two entries.
What is a business contract?
A contract is a legally enforceable agreement between two or more persons. A business contract might just be a contract entered into between businesses or for business purposes.
What is the difference of credit and debit in accounting?
when a business transaction takes place two effects will also take place, that is one account which receives the benefit of this transaction will be debited and the other account which gives the benefit of this transaction will be credited. The difference is this canot be visa versa.
When two people agree to make a trade based on the belief that each will be better off this is called?
Involuntary exchange. Or a business transaction.
Why is a study of business Law important to you as citizen opf Pakistan?
Why is a study of Business Law important to you as a citizen of pakistan? Quote at least two reasons
What is spot transactions?
A spot transaction is the sale of a product at a fixed price. Or, in the wholesale Foreign Exchange market, settlement occurs two business days after the transaction has been concluded. This is the technical meaning of the word 'spot'
