... HandsWhen you go to the store to buy groceries, at what point do you say that a transaction has been made?a. When you pick out the produce and canned goods you want and place them into your cart?b. ... planning is called a budget. Most of you know what a budget is. You probably put onetogether for your household expenses to figure out, based on what you make, how much you can afford to spendnext ... Even though you haven't spent any cash yet, accrual accounting says that atransaction has taken place and that you have incurred a liability. To avoid an imbalance on your books, you createa...