Mastering TPS Applications and Financial Transactions
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Questions and Answers

Which of the following is NOT considered a financial transaction?

  • The transfer of inventory from one department to another
  • The hiring of new employees (correct)
  • The sale of goods or services
  • The depreciation of fixed assets

    • What are the most common types of financial transactions?

  • The discharge of financial obligations
  • The receipt of cash on account from customers
  • The sale of goods or services (correct)
  • The purchase of inventory

    • Why do business firms group similar types of transactions into transaction cycles?

  • To avoid financial obligations
  • To reduce the number of transactions
  • To increase efficiency (correct)
  • To simplify the accounting process

    • Which of the following is an example of an internal financial transaction?

    <p>The depreciation of fixed assets</p> Signup and view all the answers

    What is a financial transaction?

    <p>An economic event that affects the assets and equities of the firm</p> Signup and view all the answers

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