Accounting Equation in Balance a. At least how many accounts must be affected by each

Chapter 3, Problem 5

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QUESTION:

Accounting Equation in Balance

a. At least how many accounts must be affected by each business transaction? Why?

b. Describe the four-step process described in this chapter used to analyze business transactions.

Questions & Answers

QUESTION:

Accounting Equation in Balance

a. At least how many accounts must be affected by each business transaction? Why?

b. Describe the four-step process described in this chapter used to analyze business transactions.

ANSWER:

                                                                  Step 1 of 3

Business transaction is the event which is related to the money and also affect the component of the accounting equations that are assets, liabilities and equity.

                                                                 

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