Business Transactions Characteristics Quiz
4 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which characteristic must a business transaction satisfy?

  • It must have sentimental value
  • It must be related to personal finances
  • It must be recorded only in the journal voucher
  • It must be supported by a source document (correct)

    • What is a necessary requirement for a business transaction?

  • It must be undocumented
  • It must increase the owner's personal assets
  • It must involve non-financial resources
  • It must have an effect on the accounting equation (correct)

    • Which document is an example of a source document for a business transaction?

  • Balance sheet
  • Cash or journal voucher (correct)
  • Financial statement
  • Employee schedule

    • What must a business transaction have according to the characteristics mentioned?

    <p>It must have financial value</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser