Question 1

The source documents for transactions show the value of the exchange in terms of money. This is known as:

Accepted Answer

A)  The historical cost concept. 
B)  A transaction. 
C)  The monetary unit concept. 
D)  A source document. 
A)  The historical cost concept. 
B)  A transaction. 
C)  The monetary unit concept. 
D)  A source document.

Question 2

Financial statements can provide information to external users to help solve business problems.

Accepted Answer

A) True 
 B)False

Question 3

The dual effect of transactions means:

Accepted Answer

A)  every transaction affects both assets and either liabilities or owners' equity. 
B)  every transaction affects either assets or liabilities. 
C)  every transaction affects both assets and owners' equity. 
D)  every transaction affects at least two accounts. 
A)  every transaction affects both assets and either liabilities or owners' equity. 
B)  every transaction affects either assets or liabilities. 
C)  every transaction affects both assets and owners' equity. 
D)  every transaction affects at least two accounts.

Question 4

Explain the dual effect of transactions.

Accepted Answer

The answer of Explain the dual effect of transactions....

The source documents for transactions show the value of the exchange in terms of money. This is known as:

Financial statements can provide information to external users to help solve business problems.

The dual effect of transactions means:

Explain the dual effect of transactions.

Introduction to Business Accounting and the Role of Professional Skills

Developing a Business Plan: Cost-Volume-Profit Analysis

Developing a Business Plan: Budgeting

Recording, Storing and Reporting Accounting Information

Managing and Reporting Working Capital

The Income Statement: Content and Use

The Balance Sheet: Content, Use and Analysis

The Cash Flow Statement: Content and Use

Sustainable Business

Short-Term Planning Decisions

Capital Expenditure Decisions

Filters

Exam 4: The Accounting System: Concepts and Applications

The source documents for transactions show the value of the exchange in terms of money. This is known as:

Financial statements can provide information to external users to help solve business problems.

The dual effect of transactions means:

Explain the dual effect of transactions.

Introduction to Business Accounting and the Role of Professional Skills

Developing a Business Plan: Cost-Volume-Profit Analysis

Developing a Business Plan: Budgeting

Recording, Storing and Reporting Accounting Information

Managing and Reporting Working Capital

The Income Statement: Content and Use

The Balance Sheet: Content, Use and Analysis

The Cash Flow Statement: Content and Use

Sustainable Business

Short-Term Planning Decisions

Capital Expenditure Decisions

Filters