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State whether the following statement is true or false with reasons: A transaction is concerned with money or money’s worth - Book Keeping and Accountancy

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Question

State whether the following statement is true or false with reasons:

A transaction is concerned with money or money’s worth

Options

  • True

  • False

MCQ
True or False

Solution

This statement is True.
In the business, the transaction having monetary value should be recorded in the books of accounts, which means a transaction must be concerned with money or money‘s worth.
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Basic Accounting Terminologies
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Chapter 1: Introduction to Book - Keeping and Accountancy - EXERCISE [Page 17]

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Balbharati Book Keeping and Accountancy [English] 11 Standard Maharashtra State Board
Chapter 1 Introduction to Book - Keeping and Accountancy
EXERCISE | Q 4. 7) | Page 17

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