course hero which of the following business event is not a transaction

Which of the following business events is not a transaction?

Answer and Explanation: D) Signing an agreement with a supplier is not a transaction recorded in financial accounting.

Which of the following events is not a transaction?

Solution(By Examveda Team) An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business. An employee is dismissed from the job does not have any monetary impact so it is not a transaction.

What is the first step in recording a transaction?

The first step in recording business transactions is to examine the transaction and decide what accounts will be affected. The second step in recording business transactions is to decide what account will be debited and what account will be credited.

Which of the following is not a paper transaction?

Which one of the following character is not related to Financial Accounting?...Q.Which of the following is not a paper transaction?B.Discount receivedC.Bad debts written offD.Cash stolen from officeAnswer» a. Charge of depreciation1 more row

What are the types of transactions?

Here are the most common types of account transactions:External transactions. ... Internal transactions. ... Cash transactions. ... Non-cash transactions. ... Credit transactions. ... Business transactions. ... Non-business transactions. ... Personal transactions.More items...•

What is a business transaction?

A business transaction is an economic event with a third party that is recorded in an organization's accounting system. Such a transaction must be measurable in money. Examples of business transactions are: Buying insurance from an insurer. Buying inventory from a supplier.

What is record transaction?

Recording transaction is a basic accounting process, with a few steps involved. The first step is to determine the transaction and which accounts it will affect. The second step is recording in the particular accounts. Consideration must be taken when numbers are inputted into the debit and credit sections.

What is a transaction in accounting?

A transaction involves a monetary exchange for a good or service. Accrual accounting recognizes a transaction immediately after it is finalized, regardless of when payment is received or made. By contrast, cash accounting, used mostly by smaller businesses, records a transaction only when money is received or paid out.

Which of the following is NOT source document?

Answer: Cash memo is not a source of document.

Which of the following includes the list of transactions affecting each individual account?

record a chronological listing of every transaction for a company. Which of the following includes the list of transactions affecting each individual account and the account's balance? preparing journal entries.

Which of the following events Cannot be quantified into dollars and cents and recorded as an accounting transaction?

The appointment of a new CPA has no relation with numbers, so cannot be recorded as an accounting transaction.

What are examples of source documents?

Some examples of source documents include:Bank Statements.Payroll Reports.Invoices.Leases & Contracts.Check Registers.Purchase Orders.Deposit Slips – not included on a bank statement.Check Copies – not included on a bank statement.More items...•