At the end of the financial year, Mr. X earns a profit of Rs. 57,000 in his business. This is a) a - (b) Description: The end results of all the transactions are called an event. Profit earned by an enterprise at the end of a financial year Rs. 57,000 in a business is an event as it represents the net result of all the transactions which have been carried out throughout the year. - Fundamentals of Accounting Interview Questions and Answers

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Question: At the end of the financial year, Mr. X earns a profit of Rs. 57,000 in his business. This is
a) a transaction
b) an event
c) a transaction as well as an event
d) neither a transaction nor an event

Answer: (b)
Description: The end results of all the transactions are called an event. Profit earned by an enterprise at the end of a financial year Rs. 57,000 in a business is an event as it represents the net result of all the transactions which have been carried out throughout the year.

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Question: At the end of the financial year, Mr. X earns a profit of Rs. 57,000 in his business. This is
a) a transaction
b) an event
c) a transaction as well as an event
d) neither a transaction nor an event

Answer:

(b)
Description: The end results of all the transactions are called an event. Profit earned by an enterprise at the end of a financial year Rs. 57,000 in a business is an event as it represents the net result of all the transactions which have been carried out throughout the year. Source: CoolInterview.com

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