An exchange of value between two entities is called:
A)The accounting equation.
B)Recordkeeping or bookkeeping.
C)A business transaction.
D)An asset.
E)Net Income.

Question

Quizplus · Accepted Answer

A business transaction involves an exchange of value between two entities, such as the purchase of goods or services or the payment of wages. The accounting equation (A), recordkeeping or bookkeeping (B), an asset (D), and net income (E) are all related to accounting, but they do not specifically refer to an exchange of value between two entities.

An Exchange of Value Between Two Entities Is Called