Question

What are business transactions write the characteristics of the business transactions (n only 3 points )

Answer 1

Answer :

Definition

Business Transaction :- It is an event involving some monetary value between two o r more entities , and is capable of changing the financial position of the enterprise

Characteristics

• It is concerned with money's worth of goods and services.
• It arrises out of the transfer or exchange of goods and services.
• It has an effect on the accounting equation of any business form

                                                                                                                                               

Answer 2

Answer:

A business transaction is an economic event with a third party that is recorded in an organization's accounting system. Such a transaction must be measurable in money. Examples of business transactions are: Buying insurance from an insurer. Buying inventory from a supplier.