An accelerated transaction is a new type of transaction, a cash based transaction, instead of the typical transactions used throughout the course. Typical transactions are accrual based ones, already defined earlier in the course.
A cash based transaction is recorded when cash changes hands. Recording such a transaction requires fewer journal entries for closing an accounting period and creating financial statements.
The term "acceleration" means that instead of recording transactions individually, these are added together for the whole period and registered on 31st December.
All accelerated transactions as listed at the end of
Subscribe today and learn the fundamentals
It seems you don't have access to the exclusive content of The Course.
In order to gain access to the content of The Course you will have to register with EntreprenAble. Membership with EntreprenAble will also give you access to our interactive Business Game and Accounting Simulations.
Subscribe today and get:
- Unlimited website access to The Course
- Optimized view for Desktop, Tablet and Mobile devices
- Free 7-day, no obligation trial - normally £15
Test-drive the system for free