Accountancy Part COverview of Computerised Accounting System

In accounting, a transaction consists of data elements which includes…

In accounting, a transaction consists of data elements which includes:

(A) Name of Account
(B) Accounting Code
(C) Date of Transaction
(D) Amount

Choose the correct answer from the options given below:

Answer & explanation

Correct answer: option 3

The correct answer is Option (3) → (A), (B), (C) and (D)

A data element is the smallest named unit of data. A transaction is recorded through four of them, and each item in the list is one of those four, so all of them are correct.

NCERT (2026-27 edition):
Data and Information – “… A data-item (data element) is the smallest named unit of data in the information system. In accounting, a transaction consists of four data elements, such as name of account, accounting code, date of transaction and amount.”