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*Accounting Process
   -Outlines the various procedures accountants carry out that lead to the preparation of financial statements
   -Begins with the event's idenfitication, analysis of the effects of the event, and the measurement of the event's impact to the business' Financial Statement

*Business Transaction
    -Also called simple transaction

*Transaction - business' economic events thag are recordrd by accountants
   >Characteristics:
     ○Measurable in monetary terms
     ○Involves an event occuring between the business and a third party
     ○On behalf of the business entity, it's not for individual purpose
     ○Recorded by legitimate documents

Source Documents
   -Various transaction details needed to proceed with the analyzing, identifying, and measuring phase are found in a document callrd source document

>Types of Business Transaction
     1.) Cash Transaction - Payment was received or cash
     2.) Credit Transformation - Payment made after a set amount of free time (Credit Period)
     3.) Internal Transiction