This Type of Transaction Is One That a Business Encounters

question 26

Multiple Choice

This type of transaction is one that a business encounters on a regular, recurring basis.The volume of the transactions is so large that transactions and the related accounting activities become second nature to the employees responsible for handling them.Specific authorization for each of these transactions is not necessary.The type of transaction referred to is:

• A)Non-routine transaction
• B)Payroll transaction
• C)Fixed asset transaction
• D)Routine transaction

Distinguish between different components and expressions of caring according to Watson.

Appreciate the multidimensional aspects of nursing care as proposed by Watson.

Understand the ethical and moral underpinnings of nursing practice in Watson’s theory.

Understand how to formulate alternative hypotheses in hypothesis testing situations.

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Definitions:

Adjusting Entries

Accounting adjustments used to ensure that revenue and expense recognition principles are followed accurately in the financial statements.

Reversing Entries

Optional accounting procedures that are used to cancel out adjusting entries of the previous accounting period in the new period.

Interest Expense

The cost incurred by an entity for borrowing funds, often reported on the income statement.

Closing Journal Entries

At the close of an accounting cycle, transactions are documented to move balances from provisional to fixed accounts.