Introduction to Accounting and Business - Business Transactions and the Accounting Equation
3 important questions on Introduction to Accounting and Business - Business Transactions and the Accounting Equation
What is a Business Transaction?
An economic event or condition that directly changes an entity’s financial condition or directly affects its results of operations
What are Prepaid Expenses?
Items such as supplies that will be used in the business in the future
What are Accounts Receivable?
A claim against the customer created by selling merchandise or services on credit
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