Which of the following is not a transaction?
A
Goods are purchased on cash basis for Rs.1000
B
Salaries are paid for the month of May 2010
C
Land is purchased for Rs. 10 lacs
D
An employee dismissed from the job
Correct Answer: An employee dismissed from the job
An employee dismissed from the job is not a transaction. A transaction is an agreement between a buyer and a seller to exchange goods, services or financial instruments.