Examples of business transactions include: (Select all that apply) net income. purchases. liabilities. payments
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Examples of business transactions include: (Select all that apply) net income. purchases. liabilities. payments
The correct answers are purchases, liabilities, and payments.
Explanation:
– Purchases represent buying goods or services, which is a direct business transaction.
– Liabilities refer to financial obligations (debts) that a business owes, arising from transactions such as loans or credit purchases.
– Payments are transactions where money is exchanged to settle debts or for goods/services received.
Net income, while an important financial measure, is not a transaction itself but rather the result of business transactions (revenues minus expenses).