Barter Process in Hotel and Restaurant
Barter KEY TAKEAWAYS Bartering is the exchange of goods and services between two or more parties without the use of money. It is the oldest form of commerce. Individuals and companies barter goods and services between each other based on equivalent estimates of prices and goods. The IRS considers bartering to be a form of income that incurs taxes. Bartering occurs when two or more parties – such as individuals, businesses and nations – exchange goods or services evenly without the use of a monetary medium. While a barter economy is considered more primitive than modern economies, barter transactions still regularly transpire in the marketplace. Below are three basic examples of bartering for goods and services, along with a common contemporary barter exchange. KEY TAKEAWAYS Barter is an alternative method of trading where goods and services are exchanged directly for one another without using money as an intermediary. For instance, a farmer may exc...