The instrument that are generated when firms enter into business transactions with others are called

Assessment: JAMB UTME - Principles of Accounts - 1997 Subject: Financial Accounting

Question 1 Report

The instrument that are generated when firms enter into business transactions with others are called
Answer Details
The instruments that are generated when firms enter into business transactions with others are called source documents. These documents serve as evidence of the transaction and provide information on the type, amount, and date of the transaction. Examples of source documents include invoices, receipts, purchase orders, and delivery notes. These documents are important for record-keeping and accounting purposes as they provide the basis for entries in the company's books of accounts.
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