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Event vs transaction

What is the most simplest technical definition for event and transaction in accounting?


Schuyler Yael

Schuyler Yael

CA Foundation

0

23-Jun-21 22:11

52

Answers (1)

To say in simple words Transaction means purchasing and selling amd paying or receive the cash and etc. Events means getting the result of a transaction like a profit or loss etc Example : Mr.x sold goods worth of â?¹500 and includes the â?¹200 profit. So in the above example Transaction means sale of goods for â?¹500 Event means the profit of â?¹200.


THARUN KUMAR EKAMBARAM

THARUN KUMAR EKAMBARAM

CA Foundation

13K+

24-Jun-21 00:53

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