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

Question: On 31st December, 2005, Ashok Ltd. purchased a machine from Mohan Ltd. for Rs. 1,75,000. This is: (Year end: 31 st December)
a) A transaction
b) An event
c) None of these
d) Both transaction as well as event

Answer: (d)
Description: Transaction means a business, performance of an act, an agreement while event signifies a happening, as a consequence of transaction, a result. Thus, purchase of Machinery on 31st Dec, 2005 i.e. last day of accounting year will be a transaction as well as event.

(d)
Description: Transaction means a business, performance of an act, an agreement while event signifies a happening, as a consequence of transaction, a result. Thus, purchase of Machinery on 31st Dec, 2005 i.e. last day of accounting year will be a transaction as well as event. Source: CoolInterview.com

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