Define the Term "Implicit Transaction" and Explain How These Transactions

question 109

Essay

Define the term "implicit transaction" and explain how these transactions are recorded in the financial records.In addition,list two of the four principal types of adjustments and give an example of each.

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Definitions:

Independent Agency

An agency that is typically not located within a government department. It is governed by a board of commissioners, who are appointed by the president with the advice and consent of the Senate.

Consent Order

A legal document, approved by a judge, which formalizes an agreement reached between two parties in a dispute, without the need for a trial.

Disputed Behavior

Actions or conduct in question that are contested or challenged by parties in a disagreement.

Rule 10b(5) Violation

A breach of the SEC rule against fraud and deceit in the trading of securities.