Select the Choice That Describes the Type of Transaction and Whether

question 75

Multiple Choice

Select the choice that describes the type of transaction and whether it should be recorded in the accounting system. (Choices may be used more than once.)
-Amounts collected from cash and credit customers are deposited in the company's bank account.

• A)external event to be recorded as a transaction
• B)internal event to be recorded as a transaction
• C)event that should not be recognized in the accounting system

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Definitions:

Normal Faulting

A type of faulting in which the hangwall moves downward relative to the footwall, often associated with tensional forces pulling the Earth's crust apart.

Volcanic Neck

A column of solidified lava or magma that formed in the vent of a volcano and became exposed through erosion.

Igneous Feature

A geological formation that results from the solidification and crystallization of magma or lava, such as volcanoes or granite intrusions.

Batholith

A large mass of intrusive igneous rock, often granitic, that has solidified deep in the Earth's crust.