Double Entry Bookkeeping
Transactions that do not involve an outside party are called:
Internal transactions
External transactions
Monetary events
Non-monetary events
Internal transactions
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Events related to money are called:A. Monetary events
B. Non-monetary events
C. Composite events
D. Simple events
The accounting equation can be expressed as follows:
A. Assets = Income + Expenses
B. Assets = Liabilities + Drawings
C. Assets = Liabilities
D. Assets = Liabilities + Capital
A dealing between two parties for a particular thing is called a:
A. Event
B. Monetary event
C. Non-monetary event
D. Transaction
The double entry accounting system is:
A. An accounting system that is useful for small business.
B. An accounting system involving all the interested parties of accounting information.
C. An accounting system in which transactions are recorded from a single aspect.
D. An accounting system in which business transactions are recorded from dual aspects.
In simple words, the occurrence of something is called a:
A. Transaction
B. Sale
C. Event
D. Purchase
One of the items below is not a transaction.
A. Mr. Smith started a business with cash of $100,000
B. Received a price list from suppliers
C. Received interest from the bank amounting to $5,000
D. Paid salaries of $300
Transactions involving a business and a second outside party are called:
A. Internal transactions
B. External transactions
C. Monetary events
D. Non-monteray events
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