Business transaction have two fold effect true or false
Answers
Answer:
true
Explanation:
In a single entry system, only one aspect of a transaction is recognized. For instance, if a sale is made to a customer, only sales revenue will be recorded. However, the other side of the transaction relating to the receipt of cash or the grant of credit to the customer is not recognized.
Single entry accounting system has been superseded by double entry accounting. You may still find limited use of single entry accounting system by individuals and small organizations that keep an informal record of receipts and payments.
Answer:
Explanation:
Every transaction has a two-fold effect on the Balance Sheet This means that at LEAST two items are affected for every transaction. These can be: Assets Liabilities Owner's Equity Revenues will Owner's Equity Expenses will Owner's Equity 2.9 THE TWO-FOLD EFFECT OF ACCOUNTING. © Michael Allison.