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Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable?
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Which of the account under traditional approach is odd one out 1. Buil...
Odd One Out Among Traditional Approach Accounts
- Building: This account represents the fixed asset of a business, i.e., the land, building or any other immovable property that the business owns.
- Purchase: This account represents the expenses incurred by a business while purchasing goods or services for resale or production.
- Sales: This account represents the revenue earned by the business from the sale of goods or services produced or purchased for resale.
- Bills receivable: This account represents the amount owed to a business by its customers, which is to be paid in the future as per the terms of the agreement between the parties.
Among the above accounts, the odd one out is Building.
Explanation:
The reason why building is the odd one out is that it represents a fixed asset, which is a non-current asset, whereas the other accounts represent current assets or expenses/revenues, which are associated with the current operations of the business.
Building is a long-term asset that does not change frequently, and its value is not affected by the day-to-day operations of the business. On the other hand, the other accounts represent the current operations of the business, which are subject to fluctuation and change frequently.
Therefore, among the given accounts, building is the outlier, and the other accounts are interrelated and represent the current operations of the business.
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Which of the account under traditional approach is odd one out 1. Buil...
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Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable?
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Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable?.
Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the account under traditional approach is odd one out 1. Building 2.Purchase 3.Sales 4.Bills receivable?.
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