Transaction Cycles Can Be Summarized on a High Level as "Give-Get

question 78

Multiple Choice

Transaction cycles can be summarized on a high level as "give-get" transactions.An example of "give-get" in the revenue cycle would be

• A)give cash,get goods.
• B)give goods,get cash.
• C)give cash,get labor.
• D)give cash,get cash.

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Definitions:

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Pecuniary Interest

A financial interest, or the prospect of financial gain or loss, that may influence an individual's decisions or actions.

Insurable Interest

A financial or economic stake in the life or property insured, allowing an individual or entity to purchase insurance on the item or person.

Property

An area or thing owned by someone, which includes tangible assets like real estate and personal property, as well as intangible rights.