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FIN611 GDB Spring 2020 Solution & Discussion Last Date: 16-06-2020
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I think the solution given in the you tube video by some madam is correct
The term financial transaction is viewed as a business dealing, which involves the exchange of goods or services for value between two or more parties, firms or account. Any event which has some monetary impact on the financial statement of the business is called as a transaction. It may result in the movement of value from one person to another.
These are recorded in the books of account, with a journal entry. When all the business transactions are tracked properly, it helps in analyzing the financial soundness of the business.
The occurrence of a business transaction is on a regular basis, which includes purchasing or selling of goods, receipt of money from debtors, payment to creditors, extending or borrowing money, generating income or incurring expenses. There are two types of accounting transactions, given as under:
Definition of Event
In simple terms, an event may be described as any incidence, that occurs as a result of something. In an accounting sense, an event can be understood as the final outcome of a business activity, that can affect the account balances of the company if it is financial in nature. Whenever there is an increase or decrease in the company’s assets or liabilities, an accounting event takes place. Therefore, it can change the fundamental accounting equation and can be expressed monetarily. There are two types of business events, given as under:
Internal Event: When the business transaction takes place within the realm of the enterprise, the result would be an internal event. For example: Supplying raw material by stores to the manufacturing department, payment of wages, etc.
External Event: When the business entity transacts with an external organization, the outcome would be an external event. For example: Purchasing/selling goods from/to another enterprise.