Briefly explain the following terms used in the recording and compiling of accounting data: a. Transaction b.
Question:
Briefly explain the following terms used in the recording and compiling of accounting data:
a. Transaction
b. Account
c. Journal entry
d. Posting
e. Chart of accounts
f. General ledger g. T-account h. Double entry system
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a Transaction A transaction refers to any business activity that involves the exchange of goods services or financial assets between two or more parties Transactions can include sales purchases paymen...View the full answer
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Related Book For 
Gapenski's Healthcare Finance An Introduction To Accounting And Financial Management
ISBN: 9781640551862
7th Edition
Authors: Kristin L. Reiter, Paula H. Song
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