Question

state any two features of business transactions

Answer 1

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Features of Business Transaction:

There must be two parties: No transaction is possible without two parties. ...

The event must be measurable in terms of money: ...

The event must result in transfer of property or service: ...

The event must change the financial position of the business:

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Answer 2

Features of Business Transaction:

Transaction is an event. All events are not accounting transactions. An event must have the following features to become a transaction:

1. There must be two parties:

No transaction is possible without two parties. Just as it takes two hands to clap, so it takes two parties for a transaction to take place. There cannot be a giver unless there is a receiver. Suppose, X borrows $10,000 from a bank. This is a transaction, since there are two parties here - X and bank.

2. The event must be measurable in terms of money:

An event will not be regarded as a transaction, unless it is capable of being measured in terms of money.


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