Which of the following is the best statement?
A) a transaction occurs ONLY when goods are received or issued
B) the steps in a transaction system are: identify the goods, verify quantity, record the transaction, and physically execute the transaction
C) inventory is a tangible asset that is easy to lose track of unless properly controlled
D) a and b are true
E) b and c are true.

Question

Quizplus · Accepted Answer

Options B and C are correct. B outlines the general steps in a transaction system accurately, emphasizing the process from identification to execution. C correctly states that inventory is a tangible asset that requires proper control to avoid mismanagement or loss. Option A is too restrictive in defining a transaction, as transactions can occur in various contexts beyond the receipt or issuance of goods.

Which of the Following Is the Best Statement