Which of the following statements are true about the account

Which of the following statements are true about the accounting transactions? Select all that apply

Transactions occur when a source document (e.g., a billing) arrives, a time-based obligation (e.g., payroll payment deadline) occurs, or when closing accounts to prepare financial reports.

A transaction will always debit one account and credit another account.

When journalizing a transaction, the following equation must be maintained: Assets + Net Worth = Revenues + Liabilities + Expenses.

None of the above.

Solution

Transaction occurs when we give up an asset in exchange of another asset. So option - a is incorrect

accounting equations is NET WORTH = TOTAL ASSETS - OUTSIDER LIABILITIES . So given equation in option - c is incorrect

Every transaction involves two parties. To ourself we cannot make a transaction. So, A transaction will always debit one account and credit one account . So option - B is correct