Want this question answered?
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.
In Sales day book all transactions related only to sales are recorded in it and no other transactions is recorded.
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.
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.
because there is alot of different types of transactions going in and out the account
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.
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.