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What is the transaction approach and balance sheet approach to measuring net income?

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posted Jul 3 by Ati Kumar

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The transaction approach to measuring net income is the traditional bookkeeping and accounting method. That is, individual transactions such as each sale, each purchase, and every expense are recorded into general ledger accounts. At any point you can go to an account such as Salaries Expense for Sales Staff and see the year to date amount of such an expense. With the use of accounting software, an enormous quantity of transactions can be recorded into many detailed accounts.

answer Jul 4 by Sunita
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