Final answer:
The most common transaction types that occur during the life of an asset are purchases, sales, and exchanges.
Step-by-step explanation:
The most common transaction types that occur during the life of an asset are purchases, sales, and exchanges.
A purchase transaction refers to acquiring an asset, such as buying a machine or a building. A sale transaction involves selling an asset to another party, while an exchange transaction occurs when an asset is traded or swapped for another asset.