CA Foundation Exam > CA Foundation Questions > Which of the following is not an event?a)Sale...
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Which of the following is not an event?
- a)Sale of goods for Rs.5,000
- b)Closing stock of worth Rs.4,000
- c)Purchase of goods for Rs.8,000
- d)Rent paid Rs.2,000
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is not an event?a)Sale of goods for Rs.5,000b)C...
Correct answer is B) closing stock of worth rs. 4000 because all others are transactions
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Which of the following is not an event?a)Sale of goods for Rs.5,000b)C...
Event in Accounting
An event in accounting refers to any transaction or occurrence that affects a company's financial position and can be measured reliably. Let's understand the given options and identify the event.
a) Sale of goods for Rs.5,000 - It is a transaction but not an event as it has not affected the company's financial position.
b) Closing stock of worth Rs.4,000 - This is an event as it affects the company's financial position. The closing stock is an asset and its value is added to the company's balance sheet.
c) Purchase of goods for Rs.8,000 - This is a transaction but not an event as it has not affected the company's financial position.
d) Rent paid Rs.2,000 - This is a transaction but not an event as it has not affected the company's financial position.
Conclusion
From the above analysis, it is clear that the closing stock of worth Rs.4,000 is an event. The closing stock is an important component of the company's balance sheet and it affects the company's profitability. Therefore, the correct answer is option 'B'.
An event in accounting refers to any transaction or occurrence that affects a company's financial position and can be measured reliably. Let's understand the given options and identify the event.
a) Sale of goods for Rs.5,000 - It is a transaction but not an event as it has not affected the company's financial position.
b) Closing stock of worth Rs.4,000 - This is an event as it affects the company's financial position. The closing stock is an asset and its value is added to the company's balance sheet.
c) Purchase of goods for Rs.8,000 - This is a transaction but not an event as it has not affected the company's financial position.
d) Rent paid Rs.2,000 - This is a transaction but not an event as it has not affected the company's financial position.
Conclusion
From the above analysis, it is clear that the closing stock of worth Rs.4,000 is an event. The closing stock is an important component of the company's balance sheet and it affects the company's profitability. Therefore, the correct answer is option 'B'.
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Which of the following is not an event?a)Sale of goods for Rs.5,000b)Closing stock of worth Rs.4,000c)Purchase of goods for Rs.8,000d)Rent paid Rs.2,000Correct answer is option 'B'. Can you explain this answer?
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