A business transaction to be recognized in accounting should involve exchange of values and quantifiable in terms of moneySelect one:TrueFalse

A non-exchange business transaction does not involve changes in quantifiable monetary values.Select one:TrueFalse

A business transaction can have dual effect on a single accounting element or value.Select one:TrueFalse

Prepare the journal entry on the 18th October for the above transaction if the business uses the accrual basis of accounting system.

ii.            Prepare the journal entry on the 18th October for the above transaction if the business uses the accrual basis of accounting system.

The financing activities of a firm involve the acquisition of funds from investors and creditors to start or sustain a business operation.Select one:TrueFalse