question 3 (5 points) which of the following is a business transaction? a) purchase supplies on account b)…

question 3 (5 points) which of the following is a business transaction? a) purchase supplies on account b) plan advertising for upcoming sale c) give employees a raise beginning next month d) submit estimate for construction project question 4 (5 points) the initials gaap stand for a) general accounting procedures b) generally accepted plans c) generally accepted accounting principles d) generally accepted accounting practices

question 3 (5 points) which of the following is a business transaction? a) purchase supplies on account b) plan advertising for upcoming sale c) give employees a raise beginning next month d) submit estimate for construction project question 4 (5 points) the initials gaap stand for a) general accounting procedures b) generally accepted plans c) generally accepted accounting principles d) generally accepted accounting practices

Answer

Brief Explanations:

For Question 3, a business transaction is an economic event that has a monetary impact on a company's financial statements. Purchasing supplies on account affects the company's assets (supplies) and liabilities (accounts payable), while the other options are non - monetary planning or future - oriented actions. For Question 4, GAAP is a well - known acronym in accounting that stands for Generally Accepted Accounting Principles, which are the standard framework of guidelines for financial accounting.

Answer:

Question 3: A. purchase supplies on account Question 4: C. Generally Accepted Accounting Principles