what ia an economic event
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All the events which can be measured in terms of money are classified as economic events and are recorded in the financial statements. It includes all the events like purchase of materials, sale of goods, acquisition of machinery, etc. which are measured in monetary terms and are recorded in the financial statements.
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An internal event is an economic event that occurs entirely within one enterprise.
Eg: Supply of raw materials or equipment by the stores department to the manufacturing department.
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