Question
Which of the following will be recorded in the books of
account.Solution
In accounting, all financial transactions that result in a measurable change in the assets, liabilities, or equity of a business must be recorded in the books of account. This includes the following:
- Sales and revenue received
- Purchases and expenses paid
- Receipts of cash or other assets
- Payments of cash or other assets
- Loans taken or repaid
- Investments made or sold
- Depreciation and amortization of assets
- Accrued expenses and income
- Provision for bad debts
- Stock issuances and buybacks
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