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