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Selecting a sample of cost accounting reports for labor and vouching it to time records is a procedure designed to test the ASB transaction assertion of occurrence.
What is a transaction?
An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction.
Here are some examples of transactions: paying a supplier for products or services received. purchasing a property that was previously owned by a seller by paying the seller with cash and a note. paying a worker for the hours they put in.
There are three different forms of accounting transactions based on the exchange of money: cash transactions, non-cash transactions, and credit transactions.
Payment Transaction refers to any placement, transfer, or withdrawal of monies that is initiated by the Payer, or on his or her behalf, or by the Payee, and is unrelated to any underlying commitments between the Payer and the Payee.
To learn more on transaction from the given link:
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