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Questions and Answers
Which characteristic must a business transaction satisfy?
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?
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?
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?
What must a business transaction have according to the characteristics mentioned?
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