An exchange of economic consideration between two parties that causes a change in assets, liabilities or equity is called
A) business transaction
B) liabilities.
C) source documents
D) external transactions
E) prepaid expenses

Question

Quizplus · Accepted Answer

A business transaction involves an exchange of economic consideration between two parties and can result in a change in assets, liabilities, or equity for the parties involved. The other options (B-E) are not accurate descriptions of a business transaction.

An Exchange of Economic Consideration Between Two Parties That Causes