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Week 2: Accounting System
Q From your reading of Chapter 2 and your research, describe a business transaction. What are the different types of accounts a company uses? Discuss with examples.
In accounting, a business transaction (also known as a financial transaction) is an occurrence that must be quantifiable in monetary terms and has an impact on the company's financial condition. For example, if you own a merchandising company and sell some goods to a customer for $500 cash, it is a real business transaction because it is an event that can be measured in terms of money and has an impact on your company's financial status.
