All events are transactions but all transaction are not events?


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2009-10-10 15:42:26
2009-10-10 15:42:26

"All transactions are event but all events are not transaction."

Before explaining this statement we have to know what is an event & what is a transaction.


In general some happenings are called "Event".It changes the status of a person,a community,a country and organigation or of a substance.

The consequence of anything; the issue; conclusion; result; that in which an action, operation, or series of operations, terminates.

According to accountant Mr.E.L.Kohlar "A process or part of a process having particular moment and place of occurrence is an Event.

Example : India won 1983 cricket world cup. In the other hand transaction is called when the exchange of a commodity or service in terms of unit money exchange.


An agreement between a buyer and a seller to exchange an asset for payment.

In accounting, any event or condition recorded in the book of accounts.

A Transaction is any process a user performs after successfully logging in. Examples of Transactions are making a purchase, bill pay, money transfer, stock trade, address change, and others.

With each type of Transaction, different type of details are involved. For example, in a stock trade, the data involved would be the symbol, unit price, number of shares, buy or sell action, time of trade, total amount, broker commission, and so on.

As Mr.A.Field stone defined the definition of transaction is "A transaction consists of an exchange or transfer of value , either in the form of money or goods or services which are measured and expressed in terms of money."

According to Yoston, Smyth and Brown "Transaction is an event , involving transfer of money or moneys worth , the recognition of which gives rise to record in the books of account."

In the other hand Noble & Niwonger said that "Any happenings which brings change in the pattern of assets or liabilities or proprietorship of a business concern , is a financial transaction to it ."

Example : Purchase a motor car worh Rs. 2,00,000.

So from this definition we can find that every incident are called event . But when an incident happens with a moneytory term it called transaction. So we defiantly can say that " All transactions are event but all events are not transaction."

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Related Questions

transactions is exchange of an asset with consideration of money value while events is any thing in general purpose which occur at specific time and particular place. all transactions are events but not events are transactions. this is due that in order events to be called transactions must involve exchange of values

Atomicity means that all transactions must follow "all or nothing" rule. Each transaction is said to be automic. If one part of the transaction fails, the entire transaction fails.

Monetary convention is the convention that specifies that: All transactions must be recorded in money terms, and all transactions must be recorded in the currency of the country where the transaction was performed.

In Sales day book all transactions related only to sales are recorded in it and no other transactions is recorded.

All kinds of transactions, everything, can be done in accounting, however, by virtue of certain limitations, prescribed by statutes, etc., not all transactions need be or should be done in accounting.

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Suspense account is created to record all those transactions which have some information missing either of debit part of transaction or credit part of transaction until at later stage more clear information is available about transactions.

Sales returns journal records all sales return transactions only and no other transaction of business is recorded.

Atomicity. A transaction must be an atomic unit of work (either all of its data modifications are performed, or none of them is performed).Consistency. When completed, a transaction must leave all data in a consistent state. In a relational database, all rules must be applied to the transaction's modifications in order to maintain all data integrity. All internal data structures, such as B-tree indexes or doubly linked lists, must be correct at the end of the transaction.Isolation. Modifications made by concurrent transactions must be isolated from the modifications made by any other concurrent transactions. A transaction either sees data in the state it was in before another concurrent transaction modified it or it sees the data after the second transaction has completed, but it does not see an intermediate state. This situation is referred to as serializability, because it results in the capability to reload the starting data and replay a series of transactions in order to end up with the data in the same state it was in after the original transactions were performed.Durability. After a transaction has completed, its effects are permanently in place in the system. The modifications persist even in the event of a system failure.

Cash basis method is that in which all business transactions are recorded when actual cash is paid and not when actual transaction occured.

Transaction processing is information processing that is divided into individual, indivisible operations, called transactions. Each transaction must succeed or fail as a complete unit; it cannot remain in an intermediate state. Transaction mandatorily requires acknowledgment to get received as a necessary feedback for accomplishment.Transaction processing is designed to maintain a computer system (typically a database or some modern filesystems) in a known, consistent state, by ensuring that any operations carried out on the system that are interdependent are either all completed successfully or all canceled successfully.For example, consider a typical banking transaction that involves moving $700 from a customer's savings account to a customer's checking account. This transaction is a single operation in the eyes of the bank, but it involves at least two separate operations in computer terms: debiting the savings account by $700, and crediting the checking account by $700. If the debit operation succeeds but the credit does not (or vice versa), the books of the bank will not balance at the end of the day. There must therefore be a way to ensure that either both operations succeed or both fail, so that there is never any inconsistency in the bank's database as a whole. Transaction processing is designed to provide this.Transaction processing allows multiple individual operations to be linked together automatically as a single, indivisible transaction. The transaction-processing system ensures that either all operations in a transaction are completed without error, or none of them are. If some of the operations are completed but errors occur when the others are attempted, the transaction-processing system "rolls back" all of the operations of the transaction (including the successful ones), thereby erasing all traces of the transaction and restoring the system to the consistent, known state that it was in before processing of the transaction began. If all operations of a transaction are completed successfully, the transaction is committed by the system, and all changes to the database are made permanent; the transaction cannot be rolled back once this is done.Transaction processing guards against hardware and software errors that might leave a transaction partially completed, with the system left in an unknown, inconsistent state. If the computer system crashes in the middle of a transaction, the transaction processing system guarantees that all operations in any uncommitted (i.e., not completely processed) transactions are cancelled.Transactions are processed in a strict chronological order. If transaction n+1 intends to touch the same portion of the database as transaction n, transaction n+1 does not begin until transaction n is committed. Before any transaction is committed, all other transactions affecting the same part of the system must also be committed; there can be no "holes" in the sequence of preceding transactions.

One example of a quantized event in everyday life would be a cash transaction, since there is a smallest unit of payment (in the U.S., the penny). All cash transactions must be in multiples of this unit; you can't pay a fraction of a cent.

Test data will be representative of live processing;It is unlikely that all transaction types or error conditions will be tested in this way.

The correct entry in the date column is for all the transactions is?

Data integrity is preserved by encapsulating unit-of-work actions, such as a transfer from one account to another, in a transaction.The database implementation ensures that either all of the transaction commits, or none of it commits. In the event of a failure and restart of the database, all incomplete transactions are uncommitted, i.e. rolled back.While the transaction is in-flight, any query to data elements used by the transaction reliably retrieve the value they allhad prior to transaction start. Also, any transaction attempting to lock any of those elements for other unit-of-work actions are forced to wait until the first transaction is complete.

There various reason why to recording your transaction. It helps business to see where most of their money is coming from along with what is costing them the most.

The California Business and Professions Code Section 10148 dictates that a real estate broker must retain all records of transactions for three years, starting from either the closing date of the transaction, or from the listing date if the transaction is not completed.

Some examples of transactions are All a sudden, Then, First, After that, Finally, First of all, and so on...

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Simply in general terms, the Accounting process is all about Money. And transactions are some kind of statements about transfering money. And accouting deals with these statements to make a final decisions. That's why the transactions are related to accouting processs

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All payments whether credit or debit will be rejected in case of closed bank accounts. In case of credit transactions (people trying to put money into your account) the transaction will be declined and the funds sent back to the sender. In case of debit transactions (people trying to withdraw money from your account) the transaction will be declined and no funds will be dispersed.

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