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Business Data Management · Quiz 2 · 16 Aug 2026 · May 2026 term

Question 3: An account is defined as the fundamental building block o…

Question 3

+1 markOne correct option

An account is defined as the fundamental building block of the accounting system. Which of the following options best describes its purpose?

  1. A

    A specialized record used to track and summarize all transactions related to a specific item.

  2. B

    A chronological diary of every event that happens on a business day.

  3. C

    A statutory document filed with government authorities for tax assessment.

  4. D

    A set of rules used to determine the market value of a business's brand.

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Correct answer

  • A

    A specialized record used to track and summarize all transactions related to a specific item.

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Question 3 of 24 in the IIT Madras BS Business Data Management (BDM) Quiz 2 paper sat on 16 Aug 2026, in the May 2026 term (Business Data Management 14 Aug 26). It carries 1 mark.

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