Question

Which of the following statement is incorrect?
O Misjudgement of revenue and capital Items causes the error of principle.
O Scope of accounting Includes budgetary control.
O All transactions can be event but all events can't be transaction.
O Disposal of Machinery A/c can't be classified Into any account (.e. real or nominal or personal).​

Answer 1

Answer:

All transactions can be event but all events can't be transaction.

Explanation:

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Answer 2

The correct is All transactions can be event but all events can't be transaction.

Explanation:

• The statement which is incorrect is All transactions can be event but all events can't be transaction.
• It is because to become a transaction, an event must be of financial nature or will be in monetary terms.
• The transaction is nothing but a business activity, which can be simply expressed in monetary terms whereas an event is just the ultimate result of the transaction.