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Question

A trader calculated his profit as Rs.150000 on 31/03/2014. It is an

A Transaction Correct Answer Incorrect Answer
B Event Correct Answer Incorrect Answer
C Transaction as well as event Correct Answer Incorrect Answer
D None of these Correct Answer Incorrect Answer

Solution

In accounting, an event refers to any transaction or occurrence that has an impact on the financial position or performance of a company. Events can be broadly classified into two categories:

  1. External events: These are events that originate outside the company, such as the purchase of goods or services, sale of products, or receipt of payments from customers.
  2. Internal events: These are events that originate within the company, such as the issuance of stocks, payment of dividends, or depreciation of assets.

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