Podcast
Questions and Answers
Payment of family's medical expense is an accountable transaction.
Payment of family's medical expense is an accountable transaction.
True
Received cash for services rendered to clients is an accountable transaction.
Received cash for services rendered to clients is an accountable transaction.
True
Payment of rice and fish for family consumption is not an accountable transaction.
Payment of rice and fish for family consumption is not an accountable transaction.
False
Enters into advertising contract with ABS CBN is an accountable transaction.
Enters into advertising contract with ABS CBN is an accountable transaction.
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Death of the owner within the premise of the business is not an accountable transaction.
Death of the owner within the premise of the business is not an accountable transaction.
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Study Notes
Accountable Transactions
- Payment of family's medical expenses qualifies as an accountable transaction due to the formal record-keeping involved.
- Receipt of cash for services rendered to clients is recognized as an accountable transaction since it entails income generation and documentation.
- Entering into an advertising contract with ABS-CBN is also considered an accountable transaction as it typically involves a legal agreement and financial implications.
Non-Accountable Transactions
- Purchase of rice and fish for family consumption does not meet the criteria for an accountable transaction because it lacks formal record-keeping and business relevance.
- The death of the owner within the business premises is classified as a non-accountable transaction, as it does not pertain to business operations or financial activities.
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Description
Test your understanding of accountable transactions with this quiz. Identify which transactions are accountable by answering VES for yes and NO for no. This quiz covers various financial activities such as medical expenses, cash receipts, and business contracts.
