A _____ is an economic event that under generally accepted accounting principles affects an element of the financial statements and must be recorded.
A) framework
B) control
C) set of rules
D) transaction

Question

Quizplus · Accepted Answer

A transaction is a specific economic event that has occurred and must be recorded according to generally accepted accounting principles. The other options (framework, control, set of rules) are more general concepts and do not specifically refer to a recorded economic event.

A _____ Is an Economic Event That Under Generally Accepted