Question

in terms of accountancy what is primary records of business transaction mean

Answer 1

Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements. They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions.

Answer 2

Here is your answer ⤵⤵⤵

A business transaction can be defined as any event that takes place in a business and holds financial value. A business transaction that can be measured in monetary terms is recorded in the books of accounts.

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