Financial Transactions: Types, Overview

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

In accounting, a transaction in which there is some sort of activity that changes the value of the assets, liabilities, or owner's equity of an organization is called a ___.

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1. Financial transactions in which property is transferred from buyer to seller for money or credit are called ___.

2. Financial transactions that are required by a business in order to obtain the goods or services needed to accomplish the goals of the organization are called ___.

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About This Quiz & Worksheet

The following quiz and worksheet combo will show what you know about financial transactions. The assessments cover different types of financial transactions used on a daily basis.

Quiz & Worksheet Goals

During the assessments, you will be tested on the following types on transactions:

  • Transaction in which there is activity that changes the value of the assets or owner's equity
  • Transactions that include a business getting money for services or goods
  • Transaction in which property is transferred from buyer to seller for money or credit
  • Financial transactions that are required by a business to get foods or services

Skills Practiced

  • Information recall - access the knowledge you've gained regarding financial transactions
  • Knowledge application - use your knowledge to identify transaction types based on their descriptions
  • Reading comprehension - ensure that you draw the most important information from the related business lesson

Additional Learning

To study more on this subject, review the lesson Financial Transactions: Types, Overview. This lesson covers the following objectives:

  • Defines financial transaction
  • Explains the four types of financial transactions
  • Covers how certain transactions affect assets, liabilities, or owner's equity
  • Explores how business get paid for delivering goods or services to other businesses
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