Q30
In accounting, an economic event is referred to as
A.
Cash
B.
Bank statement
C.
Transaction
AnswerD.
Exchange of money
Answer: Option C
Solution
Answer: Option C
Solution:
In accounting, an economic event is referred to as Transaction. An accounting event is a transaction that is recognized in the financial statements of an accounting entity. In accounting, a transaction includes such things as recording the depreciation of an asset or payment of dividends. Accounting events can be either external or internal.