Which of the following statements is true regarding economic events? a. The signing of a service...
Which of the following statements is true regarding economic events?
a. The signing of a service contract is an example of an external event that is recorded in the accounting records.
b. Every event which affects an entity can be identified from a source document.
c. All internal and external events must be measured with sufficient reliability.
d. External events involve exchanges between an entity and another entity outside the company.
Homework Answers
The Correct Answer is d. External events involve exchanges between an entity and another entity outside the company.
Accounting recording is a internal event confined only to internal people of the organisation. There are many cant be identified with source document and its not necessary that all internal and external event must be measured, some event may not have much impact
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