Chapter 2: The Balance Sheet Flashcards
1
Q
business activities that affect the basic accounting equation and are recoreded in the accounting system
A
Transactions
2
Q
a company typically receives _____, an asset, when it issues stock to its owners
A
cash/ money
3
Q
which transactions are recoreded in the accounting system
A
external exchanged and internal events
4
Q
every transaction has at least two effects on the basic accounting equation
A
duality of effects
5
Q
A
