GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accounting is concerned with
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Monetary transactions
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Non-monetary transactions
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Monetary and non-monetary transactions
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None of the above
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Explanation:
Detailed explanation-1: -Accounting is concerned with monetary transactions this statement us true as it record all the transactions in terms of money whether it is received or not . Keeping systematic recording of business transaction is not the function of financial accounting.
Detailed explanation-2: -Monetary transactions. Definition. A monetary transaction is one in which one institutional unit makes a payment (receives a payment) or incurs a liability (receives an asset) stated in units of currency.
Detailed explanation-3: -It is primarily concerned with the provision of financial information to all stakeholders.
Detailed explanation-4: -Accounting is concerned with past as well as future events. with monetary transactions.
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