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!
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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