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

Question: Rs. 5000 paid as rent of office premises is an/ a _________
a) Event
b) Transaction
c) Both
d) None

Answer: (b) A transaction, in accounts means 'a business' performance of an act, an agreement; whereas an event means a happening as a consequence of transaction, a result. Payment of rent is not a result, it is just the performance of an act, hence is a transaction.

(b) A transaction, in accounts means 'a business' performance of an act, an agreement; whereas an event means a happening as a consequence of transaction, a result. Payment of rent is not a result, it is just the performance of an act, hence is a transaction. Source: CoolInterview.com

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