Question

Are all business transaction accountable? Why?

Answer 1

Answer:

A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. A business transaction has an effect on any of the accounting elements – assets, liabilities, capital, income, and expense.

Answer 2

Answer:

A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity. A business transaction has an effect on any of the accounting elements – assets, liabilities, capital, income, and expense.

An accounting system must record all business transactions to ensure complete and reliable information when the financial statements are prepared.

A business transaction is an activity or event that can be measured in terms of money and which affects the financial position or operations of the business entity.