which of the following is not a business transaction?
a. Brought furniture 10000 for business
b. Paid 5,000 as salaries of employees
C. Paid 3000 towards son's fees from personal bank account
d. Paid 1000 towards son's fees from the business
Answers
The correct is given with a little explanation why it is correct to get better understanding.
Explanation:
1. (c) Paid sons fees from her personal bank account Rs 20000
Only this transaction is a non business transaction rest all other are business transaction. She paid fees from her personal account business has nothing to do with it.
2.(a) Similar business acquired the required building in 2000 for rs 1000000
Historic concept can be used here to identify the current value of the building by comparing it with present context .
3.(c) Communication of information
The last step is the communication of relevant information to various peoples.
4. (a) Understandability
5.(a) Comparability
Use of common unit helps in comparing. For example we can compare present and previous financial position of company or other relevant data.
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