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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
N. K. Gupta posted an Question
April 06, 2021 • 13:35 pm
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30 points
30 points
- UGC NET
- Commerce
Diffrenc between transection and event
diffrenc between TRANSECTION and event. how all transactions are events but all events are not transactions
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Rucha rajesh shingvekar Best Answer
While transactions are the deliberate acts performed by the business entities, events are the results of the transactions. In accounting, all the transactions are recorded, as and when they take place, whereas only those events are recorded in the books of accounts which are of financial in nature.
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The difference between transaction and event are described hereunder: 1) By the term transaction, we mean the exchange of asset or discharge of liabilities for adequate consideration, between two persons or accounts. Conversely, event or otherwise known as the economic event is the happening of the consequence to the business enterprise as a result of a transaction, that can be measured in monetary terms. 2) While transactions are the deliberate acts performed by the business entities, events are the results of the transactions. 3) In accounting, all the transactions are recorded, as and when they take place, whereas only those events are recorded in the books of accounts which are of financial in nature. 4) The business transactions may change the financial position of the company, as it has a direct impact on the company finances. On the contrary, the events may or may not have an impact on the business finances. 5) The scope of an event is wider than a transaction because a transaction is an event, but an event may or may not be a transaction. All transactions are events, but all events are not transactions because to become a transaction, an event must be of financial nature. The transaction is nothing but business activity, that can be expressed in monetary terms, while an event is just the ultimate result of the transaction.