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Overview of an Account

Every transac...

Question

Every transaction is a/an ___ of value between two or more entities.

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Solution

Transaction is the act of giving someone something and receiving something else from them which can be measured in monetary terms.

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Q. The rule 'every transaction affects two or more ledger accounts' is based or the concept of ___________.

Which accounting concept uses the rules " Every transaction effects two or more ledger accounts"?

Q. ________ among two or more entity types represents an interaction among their respective entities.

State true or false:
To form chemical bond between any two or more than two entities valency is the significant thing to be kept in mind.

Q. ____________ is used by business entities for keeping records of their monetary or financial transactions.

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