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Question Practice

When is an economic event recorded in the accounting system?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 11
Accountancy
Financial Accounting - I
Introduction to Accounting
Question Bank

When is an economic event reco...

Single Answer MCQ
Q-00053743

When is an economic event recorded in the accounting system?

1

Immediately after a verbal agreement

2

Once transactions are measurable and identifiable

3

At the end of the fiscal year only

4

Only if it results in a profit

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