Question

1) identification of financial transaction and events
2) measuring the identified transaction
please guys explain the two attributes of accounting ​

Answer 1

Explanation:

1) An accounting event is a transaction that is recognized in the financial statements of an accounting entity. ... Examples of accounting events include such things as recording the depreciation of an asset, the payment of dividends to investors, the purchase of materials from a supplier, and the sale of goods to a customer.

2)The present age is the age of trade business and commerce. After Globalisation, liberalization, and privatization, business is increasing day by day and becoming complex also. An organization cannot remember all its dealing for long. Therefore, it becomes necessary to keep a written record of all business transactions day by day, this lead to the development of accounting. Let us understand the meaning of basic accounting