Accounting fandamentals
This query is : Resolved
13 February 2013
Respected experts plz solve my query
what is the difference between EVENT and TRANSACTION ?
what is the difference between EVENT and TRANSACTION ?
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
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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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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14 February 2013
You are welcome Sakshee...
if you have any other queries then you can send me an email on
ankitanjaria@gmail.com
if you have any other queries then you can send me an email on
ankitanjaria@gmail.com
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