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What do you mean by the term transaction?

Asked by Topperlearning User 7th June 2016, 10:32 AM
Answered by Expert
Answer:

A transaction is an economic event in a business which involves transfer of money, goods or services such as purchase/sale of goods and services, wages paid to workers, rent paid, dividend received, lending and borrowing money. Cash transaction is one where cash receipt or payment is involved in the transaction. Credit transaction is one where cash is not involved immediately but will be paid or received later. 

Answered by Expert 7th June 2016, 12:32 PM
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