Select the Choice That Describes the Type of Transaction and Whether

question 206

Short Answer

Select the choice that describes the type of transaction and whether it should be recorded in the accounting system. (Choices may be used more than once.)
a.External event to be recorded as a transaction
b.Internal event to be recorded as a transaction
c.Event which should not be recognized in the accounting system
-Amounts collected from cash and credit customers is deposited in the company's bank account.

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Definitions:

Fulfilled

The feeling or state of being satisfied or completed, especially in terms of meeting one’s needs or achieving one’s goals.

Needs

The requirements necessary to maintain life and achieve personal fulfillment.

Actualize

To make actual or real; the process of realizing or achieving one's full potential or capabilities.

Values

Fundamental beliefs or standards that guide individuals' actions and decisions, often reflecting what is important in their life.