Question : The transaction is a record of ___________ of resources.
Option 1: inflow
Option 2: outflow
Option 3: Both 1 and 2
Option 4: None of these
Answer (1)
24th Jan, 2024
Correct Answer: Both 1 and 2
Solution : In accounting, a transaction consists of four elements such as name of account, accounting code, date of transaction and amount. The transaction is a record of the inflow and outflow of resources. Hence, the correct option is 3.
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