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Which would not be considered a transaction

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Problem 1: In the transactions approach to income determination, income is measured by subtracting the expenses resulting from specific transactions during the period from revenues of the period also resulting from transactions. Under a strict transactions approach to income measurement, which of the following would not be considered a transaction?

a Sale of goods on account at 20 percent markup
b Exchange of inventory at a regular selling price for equipment
c Adjustment of inventory in lower of cost or market inventory valuations when market is below cost
d Payment of salaries

Reference no: EM132694061

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