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Explain the dual effect of transactions.

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The dual effect of transactions means:


A) every transaction affects both assets and either liabilities or owners' equity.
B) every transaction affects either assets or liabilities.
C) every transaction affects both assets and owners' equity.
D) every transaction affects at least two accounts.

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The source documents for transactions show the value of the exchange in terms of money. This is known as:


A) The historical cost concept.
B) A transaction.
C) The monetary unit concept.
D) A source document.

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Financial statements can provide information to external users to help solve business problems.

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