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Huge loss occurred due to the strike by ...

Huge loss occurred due to the strike by employees. Will it be recorded ?

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No. Because only those transactions and events are recorded in accounting which are of a financial character and the effect of which can be measured in terms of money.
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DK GOEL-MEANING AND OBJECTIVES OF ACCOUNTING-HIGHER ORDER THINKING SKILLS (HOTS) QUESTIONS
  1. What is the traditional function of accounting ?

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  2. Is the basic objective of Book-keeping to maintain systematic records ...

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  3. Recording of financial transactions and preparing the financial statem...

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  4. What is the first step of accounting process ?

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  5. What is the last step of accounting process ?

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  6. On 1st Jan., 2015, Mr. Vadera was appointed as Marketing Manager of t...

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  7. A firm follows a practice of giving the figures of previous year along...

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  8. Give two examples of transactions which are not recorded in accounting...

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  9. A firm has received a large order to supply the goods. Will it be reco...

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  10. Mr. Ganpati, the properietor of a business, sold his residential house...

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  11. Miss Priti, an electronic goods dealer, gifted a washing machine value...

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  12. How is accounting influenced byh personal judgements?

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  13. Mr. Vishwanath established a travel agency. Over the years the travel ...

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  14. What is meant by qualitative information?

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  15. Huge loss occurred due to the strike by employees. Will it be recorded...

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  16. If the accounting information is not clearly presented, which of the q...

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  17. Confidence and trust that the reported information is a reasonable rep...

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  18. Which value is most important for good accounting ?

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  19. The accountant of the firm found an error in the books of accounts but...

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  20. Accounting records business transactions and events which are of finan...

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