Accountancy Part COverview of Computerised Accounting System

Accounting transaction consists of four data elements. Three of them…

Accounting transaction consists of four data elements. Three of them are account, accounting code, and date of transaction.

Identify the fourth data element from the options given below:

Answer & explanation

Correct answer: option 2

The correct answer is Option (2) → Amount

In accounting a transaction has four data elements: name of account, accounting code, date of transaction and amount.

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.”