'Every Accounting Transaction Has at Least Two Effects on the Accounting

question 13

Essay

'Every accounting transaction has at least two effects on the accounting equation.'
In light of this statement,answer the following questions:
a Explain what is meant by the term 'accounting equation'.
b Explain why the statement is valid.Illustrate your explanation with at least 2 examples.

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Definitions:

Traditional Views

Conventional or long-standing beliefs or opinions, often based on historical practices or societal norms.

Goleman

Daniel Goleman, an author, psychologist, and science journalist known for his work on emotional intelligence.

Insight

The capacity to gain an accurate and deep understanding of a person or thing, often leading to a sudden discovery or realization.

Mental Set

The tendency for people to persist in using problem-solving patterns that have worked for them in the past.