Question

The meaning of transaction is:
(a) Exchange of goods and services
(b) Exchange of goods and services in terms of money
(c) Exchange of goods and money
(d) None of these

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Answer 1

Explanation:

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Answer 2

Answer:

b

because transaction is an agreement between a buyer and a seller to exchange goods, services or financial instruments. Accrual accounting( while individuals and small businesses use the cash method. )records transactions when revenues or expenses are realized or incurred, while cash accounting records transactions when the business actually spends or receives money.