Question

examples of non business transactions​

Answer 1

Answer:

In the context of accounting, a nonfinancial transaction is a transaction in which assets, liabilities, expenses, income, and equity do not change. An example of this would be hiring an employee. No journal entry is necessary for a non financial transaction.

Answer 2

Examples of non business transactions​

Explanation:

Non business transaction does not cause any change ( increase or decrease) in any of the company's assets, liability etc and hence it is not reflected in the accounting system of the company.

For example-

• Any corporate social responsibility met by the organization that do not affect the asset and liability of the firm.
• sending quotation for sale to the buyer as it does not lead to creation of any agreement between the parties and no asset or liability is involved.

Learn more:

Features of business transaction

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