An Exchange Between Two Parties of Economic Consideration Such as Goods

question 41

Multiple Choice

An exchange between two parties of economic consideration such as goods, services, money, or rights to collect money is called

• A) the accounting equation.
• B) bookkeeping.
• C) a business transaction.
• D) an audit.
• E) a gift.

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Definitions:

Controller

A senior financial officer responsible for managing a company's accounting functions, including financial reporting, budgeting, and audits.

Vice President

A senior-level executive in a company who reports directly to the president or CEO, often responsible for a specific division or operation within the organization.

Treasurer

An executive or officer in a company or government agency responsible for managing financial assets, investments, and strategies for cash management.

Corporate Controller

A senior executive responsible for managing the accounting operations of a company, overseeing the financial reporting, and ensuring accuracy in accordance with accounting standards.