Define and Describe the Three Types of Change and Provide

question 64

Essay

Define and describe the three types of change and provide an example of each.

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Definitions:

Business Transaction

Any activity or event that involves the exchange of goods, services, or funds between two or more parties that affects the financial position of a business.

Note

A written agreement or promissory note where one party agrees to pay another under specified conditions, often used in reference to loans or debts.

Assets

Resources owned by a business or individual deemed to have economic value and expected to provide future benefits.

Liabilities

Financial obligations or debts a company owes to others, due to be paid in the future.