Can you explain the answer of this question below:On January 1, Sohan paid rent Rs. 5,000. This can be classified asA:An eventB:A transaction.C:A transaction as well as an event.D:Neither a transaction nor an event.The answer is b.

Question

Answer

Explanation:
A transaction is an exchange of goods, services, or money between two or more parties. In this case, Sohan paid rent of Rs. 5,000 which involves an exchange of money between Sohan and his landlord. Hence, it is a transaction.

An event, on the other hand, is a happening or occurrence that may or may not involve an exchange of goods, services, or money. In this case, if Sohan had received the rent payment from his landlord, it would have been an event. However, since he paid the rent, it is not just an event.

Therefore, the correct answer is option 'B' - A transaction.

Answer

Explanation:
• An event is a happening or occurrence, which may or may not involve exchange of money or goods. For example, a thunderstorm, a football match, a wedding ceremony, etc.
• A transaction, on the other hand, involves exchange of money or goods or services between two or more parties. For example, purchase of goods, payment of rent, sale of goods, etc.
• In the given scenario, Sohan paid rent of Rs. 5,000 on January 1. This involves exchange of money between Sohan and his landlord. Hence, it can be classified as a transaction.
• However, it does not qualify as an event because it does not involve any natural happening or occurrence.

Therefore, the correct answer is option 'B' - A transaction.

Answer

Explanation:
Rent paid by Sohan is an example of a transaction. A transaction is a financial event that affects a business entity's financial position and can be measured reliably. It involves an exchange of goods, services, or monetary assets between two parties.

Why is it a transaction?

There are a few reasons why paying rent is considered a transaction:

1. Exchange of monetary assets: Sohan paid Rs. 5,000 to his landlord in exchange for the right to occupy the property for a certain period of time. This exchange involves a transfer of monetary assets and is therefore classified as a transaction.

2. Affects financial position: This transaction affects Sohan's financial position because he is reducing his cash balance by Rs. 5,000. Similarly, it affects the landlord's financial position because he is increasing his cash balance by Rs. 5,000.

3. Measurable: The transaction can be measured reliably because it involves a specific amount of money.

Therefore, paying rent is an example of a transaction.

Answer

A transaction

Answer

It is considered as transaction because it involve some monetary value...

Answer

The answer is B because the rent paid can measure in monetary.The defination of transaction is an act.All the results of the act is known as Event e.g. on 31 March outstanding rent is 5000.

Answer

Correct option is B)

'Transaction' involves money or money's worth, and hence, has a financial impact in the books of accounts.
Event may or may not have a financial impact in the books of accounts.
Example: Change of Operations Manager of the company.
In the given example amount paid as rent involves a financial element as amount is paid by one person to another.
Therefore, it is a transaction and not an event.

Answer

Because rent paid is regular basis transection

Answer

Rent paid is a transaction because rent paid is a regular basis activity . Rent paid is a business transaction . And all regular basis  activities of business  are consider as transaction .

Answer

C

Answer

Sbse nnc bb

Answer

B

Answer

This is Transaction because cash is paid for rent.

Answer

Ans is B because the cash is paid for rent so this is cash transaction
Rent Ac dr
To Cash AC

Answer

It is a transaction .

Answer

This event holds the capacity to be recorded in the books of account being carrying monetary value, hence it’s a transaction. On the other hand an event can be such that it is may or may not be recorded in the books of accounts. Ex: hiring of a new manager

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