Question

what is meant by identification and measuring of a business transaction

Answer 1

Hii mate here u go

It is a systematic process ofidentifying, recording,measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the.

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accounting

Practice and body of knowledge concerned primarily with

methods for recordingtransactions,keeping financial records,performing internal audits,reporting and analyzing financial information to the management, andadvising on taxation matters.

It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

Accounting provides information on the

resources available to a firm,the means employed to finance those resources, andthe results achieved through their use.

hope u got it

Answer 2

HERE UR ANSWER:

-Identification of financial transaction: According record only those transactions and events which can be measured in terms of money .This involves identifying transaction that are considered a part of economic activity .
For ex-purchase of raw material ,such transactions are identified with the help of bills and receipts S evidence of the transaction .

-Measuring the identified transaction : Account measures that transactions in terms of money.