Only accountable events are recorded in the accounting books TRUE or FALSE
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Show Your friend offered you a business proposal. According to your friend, the initial investment is 10,000. You will get some products - 2 skin whitening soaps and 1 bottle of dishwashing liquid. If you get other investors to invest and those investors get other investors and those 'other' other investors get some more investors, you will receive a house and lot! (Wow) As a business learner, you should do any of the following except Is all types of events are recorded in the accounting books?A company must record in its accounting records any economic event that impacts the company's finances. Examples of accounting events include such things as recording the depreciation of an asset, the payment of dividends to investors, the purchase of materials from a supplier, and the sale of goods to a customer.
Why the events are recorded in the accounting books?The purpose of accounting is to provide information that is useful in making any business decisions. A transaction or event is recorded in the accounting records only if it has an effect on the assets, liabilities, equity, income or expenses of the business. to account for money so it will not be lost.
What transactions are accountable?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.
Is recording part of accounting?What is recording in accounting? Recording in accounting refers to tracking a business' finances using various data sources that gauge different financial factors. For example, companies may track each business transaction, including new equipment purchases, product sales, service costs and payroll expenses.
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