Every Accounting Transaction Affects Both the Balance Sheet and the Income

question 136

True/False

Every accounting transaction affects both the balance sheet and the income statement.

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Definitions:

Basis

The underlying support or foundation for an idea, argument, or process.

Sue

To initiate legal proceedings against an individual or entity in order to seek redress or enforce a right.

Uncertainty

A state or condition where outcomes, consequences, or future events are unpredictable or unknown.

Purchase

The act of acquiring goods or services in exchange for money or other valuable consideration.