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
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.
Question : The _________ is a record of inflow and outflow of resources.
Question : Declaration of Interim Dividend would result in inflow/outflow/no flow of Cash and Cash Equivalents ____________.
Question : Cash deposited into Bank; would result in inflow/outflow/no flow of Cash and Cash Equivalents:
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