Question

When an event becomes a transaction ?

Answer 1

Any event which has some monetary impact on the financial statement of the business is called as a transaction. It may result in lt in the movement of value from one person to another.

Answer 2

Explanation:

A transaction is a business event that has impact, direct or indirect on finances of the business. An event becomes a transaction if it involves exchange of values or resources and can be measured in monetary terms. ... A transaction is recorded by a journal entry in the books of accounts.

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