INTERVIEW QUESTIONS COMMON PROFICIENCY TEST (CPT) FUNDAMENTALS OF ACCOUNTING DETAILS

Question: At the end of the financial year after sale of goods worth Rs. 2,00,000 there was a closing stock of Rs. 10,000. This is:
a) An event
b) A transaction
c) Both event as well as transaction
d) None of these

Answer: (a)
Description: Transaction denotes a business performance of an act, an agreement, while event is used to mean a happening, as a consequence of a transaction, a result. Events are the end results of transactions. Therefore, stock left at close of year after all transactions is an event.

(a)
Description: Transaction denotes a business performance of an act, an agreement, while event is used to mean a happening, as a consequence of a transaction, a result. Events are the end results of transactions. Therefore, stock left at close of year after all transactions is an event. Source: CoolInterview.com

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