1 answer

Question 1 For each of the following description choose the correct terms: > (a) Transactions are...

Question:

Question 1 For each of the following description choose the correct terms: > (a) Transactions are recorded in terms of units
Question 1 For each of the following description choose the correct terms: > (a) Transactions are recorded in terms of units of money. (b) Transactions are recorded based on the actual amount received or paid. (c) Indicates that personal and business record keeping should be kept separate. (d) Performance obligation has been satisfied. (e) Businesses are expected to continue operating indefinitely > y Hy

Answers

Answer-

a.Transactions are recorded in terms of units of money money measurement or monetary measurement concept
b. Transactions are recorded based on the actual amount received or paid cash basis of accounting
c. Indicates that personal and business record keeping should be kept separate business entity concept
d. Performance obligation has been satisfied Revenue recognition
e. Businesses are expected to continue operating indefinitely Going concern concept
.

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