{"id":15635,"date":"2024-04-15T04:50:13","date_gmt":"2024-04-15T04:50:13","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=15635"},"modified":"2024-04-15T04:50:13","modified_gmt":"2024-04-15T04:50:13","slug":"which-of-the-following-is-not-a-transaction-a-goods-are-purchased-on-cash-basis-for-rs-1000-b-salaries-paid-for-the-month-of-may-20xx-c-land-is-purchased-for-rs-10-lakhs-d-an-employee-is-dismissed","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-is-not-a-transaction-a-goods-are-purchased-on-cash-basis-for-rs-1000-b-salaries-paid-for-the-month-of-may-20xx-c-land-is-purchased-for-rs-10-lakhs-d-an-employee-is-dismissed\/","title":{"rendered":"Which of the following is not a transaction A. Goods are purchased on cash basis for Rs 1000 B. Salaries paid for the month of May 20XX C. Land is purchased for Rs 10 lakhs D. An employee is dismissed from the job"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9ba099c9118\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Goods are purchased on cash basis for Rs 1000                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Salaries paid for the month of May 20XX                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Land is purchased for Rs 10 lakhs                <\/div>\r\n                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is D. An employee is dismissed from the job.<\/p>\n<p>A transaction is an event that changes the financial position of an entity. In other words, it is an event that results in a change in the assets, liabilities, or equity of an entity.<\/p>\n<p>Option A is a transaction because it results in a change in the assets of the entity. The entity has acquired goods on cash basis, which means that its assets have increased by Rs. 1000.<\/p>\n<p>Option B is a transaction because it results in a change in the liabilities of the entity. The entity has incurred an expense, which means that its liabilities have increased by the amount of the salaries paid.<\/p>\n<p>Option C is a transaction because it results in a change in the assets of the entity. The entity has acquired land, which means that its assets have increased by Rs. 10 lakhs.<\/p>\n<p>Option D is not a transaction because it does not result in a change in the financial position of the entity. The dismissal of an employee does not affect the assets, liabilities, or equity of the entity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[671],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following is not a transaction A. Goods are purchased on cash basis for Rs 1000 B. Salaries paid for the month of May 20XX C. Land is purchased for Rs 10 lakhs D. 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