Question

goods sold for cash is an example of​

Answer 1

Cash is recorded as a current asset on the balance sheet. Even though cash can be saved for future periods, it is still considered a current asset because it can because it can be used in one period. Long-term assets like vehicles cannot be completely used during one accounting period.

Answer 2

Cash transactions refer to any transaction which involves immediate payment or receipt of cash, e.g. purchase of goods for cash, sale of goods for cash, and payment of expenses or receipt of incomes.