Can a business enter into a transaction in which only the left side of the basic accounting equation is affected ? If so , give an example . 15 . Are the following events recorded in the accounting records ? Explain your answer in each case . ( a ) The owner of the business dies . ( b ) Supplies are purchased on account . ( c ) An employee is fired . ( d ) The owner of the business withdraws cash from the business for personal use . 28 . Your flatmate believes that accounting standards are uniform throughout the world . Is your flatmate correct ? Explain