Practicing Success
Accounting transaction consists of four data elements. Three of them are account, accounting code, and date of transaction. Identify the fourth data element from the option given below: |
Information Amount Seller Sequence |
Amount |
The correct answer is Option (2) → Amount The fourth data element in an accounting transaction is "Amount." The four essential data elements in an accounting transaction typically include Account, Accounting Code, Date of Transaction, and Amount. |