What is an isolated purchase transaction?What is the importance of a written agreement?What is...

What is an isolated purchase transaction?
What is the importance of a written agreement?
What is a price list?
What is a purchase order?

Expert Solution

What is an isolated purchase transaction?

Isolated purchase transaction are those transaction outside ordinary course of a business of a taxpayer carrying out a business.

Example- Purchase of tickets above the face value from a person is an isolated transaction.

What is the importance of a written agreement?

Written agreements provide customers with legal document stating the expectations of both parties and how disparate situations will be resolved. These agreements are legally enforceable and are used to safeguard company's resources.

What is a price list?

A price list contains information of the current prices of all the products or services on sale.

What is a purchase order?

A purchase order (PO) is commercial document issued to seller by the buyer and it indicates the types, quantities, and price for products or services.

keosha answered 2 years ago

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