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23 Nov 2019
Which of the following statements are true about the accountingtransactions? Select all that apply
Transactions occur when a source document (e.g., a billing)arrives, a time-based obligation (e.g., payroll payment deadline)occurs, or when closing accounts to prepare financial reports.
A transaction will always debit one account and credit anotheraccount.
When journalizing a transaction, the following equation must bemaintained: Assets + Net Worth = Revenues + Liabilities +Expenses.
None of the above.
Which of the following statements are true about the accountingtransactions? Select all that apply
Transactions occur when a source document (e.g., a billing)arrives, a time-based obligation (e.g., payroll payment deadline)occurs, or when closing accounts to prepare financial reports. | ||
A transaction will always debit one account and credit anotheraccount. | ||
When journalizing a transaction, the following equation must bemaintained: Assets + Net Worth = Revenues + Liabilities +Expenses. | ||
None of the above. |
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