The ________ Includes Keeping Records of All Property and Money

question 44

Multiple Choice

The ________ includes keeping records of all property and money received and expended during the course of an agency.

• A) duty of accountability
• B) duty of termination
• C) duty to reimburse
• D) duty to notify

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Definitions:

Dual Effect

The principle in accounting that every transaction has a double impact on the financial statements, typically affecting at least two accounts.

Transaction

An agreement or communication carried out between parties to buy, sell, or exchange goods, services, or financial assets.

Revenue

Income that a business receives from its normal business activities.

Recorded

The action of documenting financial transactions in accounting records to keep an accurate and organized track of a company's financial activities and position.