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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

List the three basic questions that must be answered when analyzing the effects of a business transaction on the accounting equation.

To determine

List the three basic questions that have to be answered while analyzing the effects of a business transaction on the accounting equation.

Explanation

Transaction analysis:

Transaction analysis is an economic event that causes impact on the value of the assets, liabilities or stockholder’s equity (increase or decrease) in an accounting equation.

 The three basic questions that are to be answered when analyzing the effects of a business transaction on the accounting equation is given below and these questions address the steps in the accounting steps:

  • What happened?

  Understand the event that has taken place...

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