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Basic Accounting Terms — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBasic Accounting Terms1 Mark
Question
Give two characteristics of a business transaction.
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Answer

  1. It results in a change in the financial position of the firm, i.e. a change in the values of some of the assets, liabilities or capital.
  2. The change must be capable of being expressed in terms of money.

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