All of the following are considered nonexchange transactions except
A)the day-by-day accumulation of interest.
B)the wear and tear on machinery.
C)the sale of goods and services.
D)losses from fire,flood,and theft.

Question

Quizplus · Accepted Answer

Nonexchange transactions are events in which resources are received or given without any direct or measurable exchange of goods, services, or obligations between the parties involved. The day-by-day accumulation of interest, wear and tear on machinery, and losses from fire, flood, and theft are all examples of nonexchange transactions because there is no direct exchange of goods or services involved. However, the sale of goods and services is an example of an exchange transaction because it involves a direct exchange of goods or services for money or some other form of consideration.

All of the Following Are Considered Nonexchange Transactions Except