Briefly Explain the Following Terms

question 29

Essay

Briefly explain the following terms:
a)Non-monetary exchange transaction
b)Consignment transaction
c)Franchise
d)Installment sale

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Definitions:

Cash Payments

Transactions that involve the immediate transfer of cash to settle a debt or purchase goods or services.

Acceptance

Acceptance in business refers to the agreement to the terms of a contract or an acknowledgment that a product or service meets the required standards.

Cash Receipts

Money received by a business during a given period, accounting for its cash inflow.

Cash Payments

Transactions that involve the outflow of cash from a company to settle dues such as expenses, debts, or purchases.