What are the obligations or debts that a business must pay in cash or in goods and services at some future time because of past transactions or events called and how are they reported?.

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23-08-2022
Business

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What are the obligations or debts that a business must pay in cash or in goods and services at some future time because of past transactions or events called and how are they reported?.

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rafikiedu04 rafikiedu04 · Answer 1 · 2022-08-28T10:35:20+02:00

the obligations or debts that a business must pay in cash or in goods and services at some future time because of past transactions or events called and they are reported Liabilities on the balance sheet

A financial transaction is an agreement or communication between a buyer and a seller to exchange goods, services, or assets for payment. All transactions involve changes in the financial status of two or more companies or individuals. [1] Financial transactions always involve one or more financial assets. The most common is money or another valuable asset such as gold or silver.

There are many types of financial transactions. The most common type, a purchase, occurs when goods, services, or other goods are sold to consumers for money. Most purchases are made with cash, such as physical currency, debit cards, or checks[3]. The other main form of payment is loans that provide immediate access to funds to pay back later.

Learn more about transactions here

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