An agreement between two entities to exchange goods or services or any other event that can be measured in economic terms by an organization is
A)give-get exchange
B)transaction
C)revenue
D)processing cycle

Question

Quizplus · Accepted Answer

A transaction is an agreement between two entities to exchange goods, services, or any other event that can be measured in economic terms by an organization. The term "transaction" is commonly used in accounting, as it is used to represent any event involving the transfer of value, such as the purchase of goods, payment of salaries, or receipt of funds. Option A, give-get exchange, may refer to the process of bartering, which is not always measured in economic terms. Option C, revenue, refers to the income earned by an organization from its business activities, which is not suitable for transactions that involve the exchange of goods or services. Option D, processing cycle, refers to the sequence of activities involved in processing data, which is not directly related to economic transactions.

An Agreement Between Two Entities to Exchange Goods or Services