Which of the Following Statements Is True

question 103

Multiple Choice

Which of the following statements is true?

• A)Only the effects of internal transactions must be recognized and recorded in the entity's accounting system.
• B)An internal event is a transaction between an entity and its environment.
• C)Not all recognizable events are supported by a standard source document.
• D)Only the effects of external events must be recognized,measured,and recorded in an entity's accounting system.

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Definitions:

Ideas of the World

Refers to the various concepts, beliefs, and perspectives that people have about the world and its nature.

Idealism

A philosophical approach that posits reality or reality as experienced is fundamentally mental, mentally constructed, or otherwise immaterial.

Monads

In the philosophy of Leibniz, monads are simple substances that form the foundation of the universe, each being a unique, indecomposable, dynamic entity with its own internal properties but without spatial extension.

Physical Substances

Entities or materials that exist in the physical world, possessing mass and occupying space.