Chapter 2: Dual effects of transactions
As and when business transactions take place, two effects emerge from them. In this course we study these effects, and more!
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Details
The first step of preparing an account is the creation of a transaction, as well as its identification. When the word transaction is used,
- It has to be a business transaction
- It has to be economic transaction of business
- Economic transaction should have monetary value
- Business transaction can be in cash or in credit from
- Business transaction can be internal or external
In this course:
+ Meaning and classification of business transactions
+ Identification of cash and credit transactions
+ What are vouchers?
+ Dual effects of transactions
+ Types of accounts
+ Rules of debit and credit of accounts
+ Steps of debiting and crediting of accounts (Exercise)
Curriculum
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Dual effects of transactions quiz4 questions
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What is dual effect?1 m
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What is a cash transaction?1 m
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Explain credit transaction.1 m
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Give illustration of cash transaction of goods.1 m
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Give illustration of cash transaction of service.1 m
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Give illustration of credit transaction of goods.1 m
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Give illustration of credit transaction of service.1 m
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Which transaction is called a "non-economic" transaction?1 m
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Explain internal and external transactions.1 m
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Explain 'other transactions'.1 m
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To which account, the following transactions will be debited and credited in the books of Nilima ? Describe with reason:1 m
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To which account, the following transactions will be debited and credited in the books of Ganesh ? Describe with reason.1 m
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