Question

what is accounting
what is event and transaction​

Answer 1

Answer:

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting is often referred to as "the language of business."

An event means “a happening, as a consequence or result of a transaction(s)”. Example: Purchase and sale of goods, payment of salary, investment of money etc. is transaction, closing stock, profit or loss at the end of accounting period is an event.

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Answer 2

Answer:

Accounting :-

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting is often referred to as "the language of business."

Event and Transaction :-

While transactions are the deliberate acts performed by the business entities, events are the results of the transactions. In accounting, all the transactions are recorded, as and when they take place, whereas only those events are recorded in the books of accounts which are of financial in nature.

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