Question
Distinguish between economic transaction and Non-economic transaction.
| No. | Economic transaction | Non-economic transaction |
| $1$ | A transaction which can be measured in terms of money is known as an economic transaction. | A transaction which cannot be measured in terms of money is known as non-economic transaction. |
| $2$ | It is compulsory to record all economic transaction in the books of accounts. | It is not required to record any of the non- economic transaction in the books of accounts. |
| $3$ | Economic transactions includes cash and /or credit transactions. | There is no question like cash or credit transaction for non-economic transaction. |
| $4$ | Due to economic transactions there may arise debtor - creditor relationship. | There is no question like debtor-creditor relationship in non-economic transaction. |
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