Distinguish between financial and nonfinancial transactions. Give three examples of each.

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Expert Solution

Financial transactions affect the accounts in the financial statements in some manner.

Three examples are:

1) Use of equipment-depreciation,

2) Payment of a bond payable,

3) Receipt of cash from a customer for a sale previously made on account.

Nonfinancial transactions include business events that do not impact the financial statements.

Three examples are:

1) A book checked out by a student in a school library,

2) The recording of a customer complaint via a toll-free hotline,

3) Status reports of research and development projects.

Junaid answered 3 months ago

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