Define transaction

Q: Define composition

A: Composition: The composition is the act of putting something jointly, or the grouping of rudiments…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Explain external event with example.

A: Accounting events: Accounting event refers to the business event that creates an impact in the…

Q: What is meant by cardinality in entity relationship diagrams?

A: An entity relationship diagram is a representation of all the resources that are associated with the…

Q: Define suppliers.

A: Merchandising businesses: Merchandising companies which buy goods from suppliers, or manufacturers,…

Q: Read and interpret anincome statement.

A: It shows the income generated by the company.

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: Define the term posting process.

A:

Q: Define terminal value

A: Terminal value is the value of the project or the security at the end of a specified future date.…

Q: Name the major transaction cycles

A: In simple terms, the transaction cycle categorizes the basic business processes. It helps in…

Q: Define ERP.

A:

Q: Define Reconciliation method

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: Define General ledger.

A: General ledger is the book containing the accounts and their amounts which are posted from journal…

Q: What is a transaction?

A: Transaction refers to the business activity which brings change in the business assets, liabilities…

Q: Name three components of a Transaction Processing System.

A: A Transaction Processing System is a set of information that processes the transaction data in the…

Q: Match each transaction with its related term: Terms Definitions

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Define Recognition.

A:

Q: Describe what is meant by transaction analysis.

A: Accounting Equation: Accounting equation is the mathematical representation of the relationship…

Q: Describe the process of transaction analysis.

A: Process of Transaction analysis: The process of transaction analysis involves the selection of…

Q: Define Contingencies.

A: Uncertain events refer to uncertainty regarding the occurrence of an event or the data values…

Q: Discuss transaction cycles.

A: A transaction cycle is an interlocking set of the  business deals. Utmost of these deals can be…

Q: Define agent

A: Introduction: An agent is a party that has oral or written authority to perform for another…

Q: Describe recognition and measurement concepts.

A: Accounting concepts:   Accounting concepts are referred to the bask assumptions, principle and rules…

Q: Define operating activities.

A: Explain the meaning of operating activities:Statement of cash flows: This statement reports all the…

Q: Prepare an inc

A: In this problem we need to calculate operating income from the given…

Q: Define the term operating activities.

A: Operating activities are the functions of a business directly related to providing its goods and/or…

Q: important to manage transaction exposure

A: The RISK - posed by firms participating in international commerce that currency exchange rates will…

Q: Create a Ledger.

A: Ledger is a principal book that contains all the accounts such as Assets Accounts, Liabilities…

Q: create a ledger

A: Bank statement: The bank passbook is only a copy of the customer's accounts in the books of bank.…

Q: Match the items

A: Answer: Deferred Tax Liabilities – are always presented as non-current liability in the statement of…

Q: Define synergy

A:

Q: Define call provision

A: The bonds refer to the debt securities that allow the issuer to raise capital from external sources,…

Q: Distinguish between object classes and instances.

A: Definition: Object: An object is the name of any item that represents two characteristics that are…

Q: Define Direct method

A: The Direct Method is Described Below -

Q: Define Prepayments.

A: Step 1 The outflow of money to reduce the liabilities occurred in the current accounting period…

Q: Write down the Types of a transaction according to the Following: Application Structures Action

A: Types of transaction - 1)Based on application  a) non distributed vs distributed transactions b)…

Q: Define broker

A: Broker is referred as a person or a firm, who used to arrange the transactions between the seller…

Q: Distinguish between conceptual and physical systems.

A: Accounting Information System: The system which helps to gather, store and process the accounting…

Q: Define controller

A: The controller generally reports to the chief financial officer of the company. In small companies,…

Q: Define Transaction exposure

A: Transaction exposure is the sensitivity of realized domestic currency values of the firm's…

Q: Define the term attest function.

A:

Q: Account

A: The account is a statement that records journal entries. In the double-entry system of accounting,…

Q: What assertions are tests for transaction classes?

A: Management assertions are the claims made by the management about the items in the financial…