"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."
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.
because there is alot of different types of transactions going in and out the account
Transactions' Importance:Users can submit transaction and can think of each transaction as executing by itself.A transaction might commit after completing all its actions, or it could abort(or be aborted by the DBMS) after executing some actions.
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.