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Financial Accounting Quiz MCQs Quiz Question.

Accounting Quizzes Financial Accounting Exam MCQs

Question:
Jolly Roger transfers $6000 from the current bank account to the savings bank account. Which of the following statements are correct?

Option A):
There has been no transaction in accounting records.
Option B):
One type of asset has increased whilst another type of asset has decreased.
Option C):
The overall assets of his business have increased.
Option D):
The overall assets of the business have remained the same.

Correct Answer is Option A):
There has been no transaction in accounting records.