1. Define “transaction” and provide common examples.
2. Define “transaction analysis” and explain its importance to the accounting process.
3. Identify the account changes created by the purchase of inventory, the payment of a salary, and the borrowing of money.
4. Understand that accounting systems can be programmed to automatically record expenses such as salary as it accrues.

Answer rating: 100% (QA)

A transaction is an economic event that has financial consequences for at least two parties Transactions occur when goods or services are exchanged fo... View the full answer