government raises funds through taxes and spends on various development activities the deficit or su...........

Accountancy (Phase -I & II) Introduction to Accounting

government raises funds through taxes and spends on various development activities. the deficit or surplus at the end of accounting year is:

a transaction

an event

a transaction as well as an event

neither transaction nor an event

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Explanation:

Events are the end results is conclusions of all the transaction taking place round the year. Companies categorize accounting events as either internal or external events. The deficit or surplus at the end of accounting year is an event because its shown at the end of the financial year.