Explain what a transaction is Learning Objective LO 1 EXPLAIN WHAT A TRANSACTION IS Transaction Any event that has a financial impact on the business Can be measured reliably Provides information about an exchange Something given Something received Accounting records both sides of a transaction LO 1 EXPLAIN WHAT A TRANSACTION IS Transaction Examples Purchase fresh produce Sell product Borrow money Repay a loan Whole Foods Market, Inc. Define “account,” and list and differentiate between different types of accounts Learning Objective Assets Goods pany sells to customers Inventory Expenses paid in advance, such as insurance and rent Prepaid Expenses Cost of land used in operations Land LO 2 Economic resources that provide a future benefit Assets Cost of buildings used in operations Building Equipment, Furniture, and Fixtures Cost of furniture, fixture, and equipment used in operations Includes heating and air conditioning, computers, and office furniture LO 2 Economic resources that provide a future benefit
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