What Is the Term Used When Goods and Services Are

question 27

Multiple Choice

What is the term used when goods and services are exchanged for one another?

• A) countertrade
• B) barter
• C) interchange
• D) swapping

---

Definitions:

Revenue Recognition Principle

A rule in accounting that outlines the exact circumstances in which income is considered as earned and documented.

Adjusted Trial Balance

A statement that lists all accounts and their balances after adjusting entries are made, ensuring the total debits equal total credits.

Debit

An accounting entry that increases asset or expense accounts, and decreases liability, equity, or revenue accounts.

Credit

A financial arrangement where goods, services, or money is borrowed by one party from another, with the promise of repayment usually with interest.