Any event that has a financial impact on the business and can be measured reliably is a(n):
A) expense.
B) transaction.
C) asset.
D) journal.

Question

Quizplus · Accepted Answer

Any financial impact on the business that can be measured reliably is recorded as a transaction in the accounting system. Expenses are a type of transaction that involve the outflow of resources, while assets are resources controlled by the business that provide future economic benefits. Journals are simply the records of transactions in the accounting system.

Any Event That Has a Financial Impact on the Business