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Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter?
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Is an exchange of a financial benefit (goods,service,et) for cash rece...
Cash Transaction
A cash transaction is an exchange of a financial benefit for cash receivable. This type of transaction involves the immediate payment of cash or cash equivalents, such as checks, credit cards, or electronic funds transfers, in exchange for goods or services.
Characteristics of Cash Transaction
- Immediate payment: In a cash transaction, payment is made immediately at the time of the transaction.
- Instantaneous transfer of ownership: The buyer takes ownership of the good or service immediately after making the payment.
- No credit is involved: Cash transactions do not involve any type of credit, as payment is made in full at the time of the transaction.
- No interest or fees: There are no interest charges or fees associated with cash transactions, as payment is made in full at the time of the transaction.
- No risk of non-payment: Cash transactions are considered the most secure form of payment, as there is no risk of non-payment or chargebacks.
Examples of Cash Transaction
- Paying cash for groceries at a supermarket
- Paying cash for a taxi ride
- Paying cash for a cup of coffee at a café
- Paying cash for a movie ticket at a theater
Advantages of Cash Transaction
- Quick and easy: Cash transactions are quick and easy to complete, as payment is made immediately.
- No fees: There are no fees associated with cash transactions, making it a cost-effective form of payment.
- No credit required: Cash transactions do not require any type of credit, making it accessible to everyone.
- Secure: Cash transactions are considered the most secure form of payment, as there is no risk of non-payment or chargebacks.
Disadvantages of Cash Transaction
- Limited acceptance: Not all merchants accept cash as a form of payment, particularly for larger purchases.
- Security risk: Carrying large amounts of cash can be a security risk, as it can be lost or stolen.
- Lack of record keeping: Cash transactions do not provide a record of the transaction, making it difficult to track expenses or reconcile accounts.
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Is an exchange of a financial benefit (goods,service,et) for cash rece...
Is an exchange of a financial benefit for cash receivable
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Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter?
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Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter?.
Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Is an exchange of a financial benefit (goods,service,et) for cash receivable.? a)Cash transaction b)Credit transaction c)Financial transaction d)Barter?.
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