A ___________ Occurs When the Provider or Seller of a Good

question 17

Multiple Choice

A ___________ occurs when the provider or seller of a good or service is paid by someone other than the buyer of the good

• A)Deductible
• B)Positive externality
• C)Third-party payment
• D)All of the above

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Definitions:

Transaction Errors

Mistakes or inaccuracies occurring in the recording, processing, or reporting of financial transactions.

Debit

Amount entered on the left side of an account.

Credit

In financial terms, credit is the ability to borrow money or access goods or services with the understanding that payment will be made in the future.

Adjusting Journal Entry

A record created at the conclusion of a financial period to distribute revenues and expenses to their relevant period.