Explain about accounting transaction, Accounting Basics

Assignment Help:

Q. Explain about Accounting transaction?

An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabilities + Stockholders' equity. A trade of cash for merchandise is a transaction. The exchange occurs at an agreed price that provides an objective measure of economic activity. For instance the objective measure of the exchange may be USD 5000. These two factors measurement and evidence make possible the recording of a transaction. Only placing an order for goods isn't a recordable transaction because no exchange has taken place.


Related Discussions:- Explain about accounting transaction

Adjusting entries in the general journal, Adjusting entries in the general ...

Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at

What is gross selling price, Q. What is Gross selling price? When a sal...

Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac

Invetory, beginning inventory,purchase,and sales data for commodity A are a...

beginning inventory,purchase,and sales data for commodity A are as follows november 1 inventory 1500units @k20.00 2 sold 5000unit @ 40.00 12 purchase 10000 units @22

Human resource accounting, Human Resource Accounting: Way back in the ...

Human Resource Accounting: Way back in the year 1964 the first attempt to comprise figures on human capital in the balance sheet was made through Hermansson that later came to

Example of income statement of a merchandising firm, Q. Example of Income s...

Q. Example of Income statement of a merchandising firm? To recapitulate the more important relationships in the income statement of a merchandising firm in equation form -

High-fiber diet for diverticular disease, Q. High-fiber Diet for diverticul...

Q. High-fiber Diet for diverticular disease? For mild symptoms, a clear liquid diet is recommended. More serious cases may require hospitalization, intravenous feeding to rest

Hello, Hello, I'm having trouble understanding Direct Cost, Overhead Cost a...

Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac

Why are you expecting 50% growth scalar, I am expecting 50 growth because o...

I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit

Describe in brief about the wholesalers, Describe in brief about the Wholes...

Describe in brief about the Wholesalers They buy goods in bulk from manufacturers and sell them to retailers, other schools, wholesalers and other non-profit institutions, and

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd