Basic Accounting: Business Transactions

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20 Questions

What does the debit aspect represent in a business transaction?

Take

What is the primary evidence in support of a business transaction called?

Voucher

What is the purpose of a source document or voucher?

To provide evidence of the transactions

What is the basis for entries in the books of accounts?

Voucher

Who prepares and countersigns the accounting vouchers?

Both accountant and authorised person

What are the documents like bills, cash memos, and receipts termed as in accounting?

Source documents

Which term is used for activities in cash terms in business transactions?

Cash transactions

What is the term used for the effect of business transactions on the accounting equation?

Equation effect

What does the accounting process begin with?

Origin of business transactions

What is the term used for the basis on which accounting is done?

Accounting basis

What is the primary purpose of using vouchers in accounting?

To provide evidence of business transactions

In accounting, what is the term used for activities that involve cash at the time of making transactions?

Cash transactions

What is the effect of business transactions on the accounting equation?

It increases both assets and liabilities equally

What is the basis for entries in the books of accounts?

Business transactions

What is the term used for the origin of business transactions in the accounting process?

Source documents

What does the debit aspect represent in a business transaction?

Give aspect

What is the primary evidence in support of a business transaction called?

Accounting voucher

What term is used for the written documents containing the analysis of business transactions for accounting and recording purposes?

Transaction Voucher

What is the basis for entries in the books of accounts?

Accounting voucher

In a business transaction, what represents the Take aspect?

Credit aspect

Test your knowledge on accounting for business transactions including selling goods, collecting payments, making payments, and other related activities. Understand how these transactions are recorded and classified in accounting.

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