Any event that affects the financial position of an organization and requires recording is called an)_____.
A)transaction
B)account
C)posting
D)accounting change

Question

Quizplus · Accepted Answer

A transaction is an event that affects the financial position of an organization and requires recording in the accounting system. Therefore, option A is the correct answer. Option B is incorrect because an account is a record where transactions are recorded. Option C is incorrect because posting is the process of transferring transaction data from the journal to the ledger accounts. Option D is incorrect because accounting change is a term used to describe a change in accounting policies or estimates, but not all accounting changes are necessarily events that require recording.

Any Event That Affects the Financial Position of an Organization