4 Questions
Which characteristic must a business transaction satisfy?
It must be supported by a source document
What is a necessary requirement for a business transaction?
It must have an effect on the accounting equation
Which document is an example of a source document for a business transaction?
Cash or journal voucher
What must a business transaction have according to the characteristics mentioned?
It must have financial value
Test your knowledge of the characteristics of business transactions with this quiz. Learn about the financial value, source documents, and impact on the accounting equation.
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