Which of the following events cannot be quantified into dollars and cents and recorded as an accounting transaction? A) The appointment of a new CPA firm to perform an audit. B) The purchase of a new computer. C) The sale of store equipment. D) Payment of income taxes.

Question

Quizplus · Accepted Answer

The appointment of a new CPA firm to perform an audit is a non-monetary event that cannot be quantified into dollars and cents and recorded as an accounting transaction. The other options (B, C, and D) involve monetary transactions that can be recorded in the accounting system.

Which of the Following Events cannot Be Quantified into Dollars