Economic Event
Happening of consequence to a business organization that consists of transactions and which are measurable in monetary terms.
Bunch of transactions relating to an economic event. Event is the end result.
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Event can be – internal and external.
If an event involves transactions between an outsider and an organisation, these are known as external events. The following are the examples of such transactions:
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- Sale of merchandise to the customers.
- Rendering services to the customers by ABC Limited.
- Purchase of materials from suppliers.
- Payment of monthly rent to the landlord.
An internal event is an economic event that occurs entirely between the internal wings of an enterprise, e.g., supply of raw material or components by the stores department to the manufacturing department, payment of wages to the employees, etc.
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