Which of the Following Business Events Is Not a Transaction

question 24

Multiple Choice

Which of the following business events is not a transaction

• A)Signing a contract.
• B)Paying wages.
• C)Receiving goods.
• D)Purchasing a service.

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Definitions:

Master Budget

A comprehensive financial planning document that consolidates all of a company’s individual budgets and plans for a specific period.

Finished Goods Inventory

Products that have completed the manufacturing process and are ready to be sold.

Budgeted Income Statement

A financial statement that projects the income and expenses for a specific period in the future, helping management with planning and decision-making.

Accrued Income Taxes

Accrued income taxes are taxes that a company has incurred but has not yet paid during the reporting period.