Accounting fandamentals

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sakshee

sakshee (Querist)
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13 February 2013 Respected experts plz solve my query

what is the difference between EVENT and TRANSACTION ?

Ankit

Ankit (Expert)
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14 February 2013 Dear Sakshee,

All transactions are events, but all events are not transactions.

event is something which changes the status of a particular thing or business...say joining of an employee..etc

but transactions are those events which can be measured in terms of money...and thus need to be recorded in the books of accounts..

there may be events, which are cannot be measured in terms of money...

eg: death of the chairman etc...this is an event but not a transaction...

- Ankit

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gbalakrishnan

gbalakrishnan (Expert)
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14 February 2013 when you file return of income it is every year transaction, but when AO issues Notice under any section that becomes an event as events do not repeat but transaction will generally!

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sakshee

sakshee (Querist)
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14 February 2013 thank a lot for solving query

Ankit

Ankit (Expert)
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14 February 2013 You are welcome Sakshee...
if you have any other queries then you can send me an email on
ankitanjaria@gmail.com