Question

what do you mean by recorded and classification of business transaction​

Answer 1

Explanation:

here'syour answer

• Maintenance of records shall include records of sales, purchases, expenses, cash, banking, etc. It involves record of the relevant information pertaining to all the vital areas of business. It should ensure that complete and accurate information of every transaction is recorded in the books.

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Answer 2

Answer:

A transaction (also termed as a business transaction and financial transaction) may be defined as an exchange of value. In a business environment, it is an exchange of goods or services at a particular price. Every transaction changes the financial position of a business and therefore must be recorded in the books of accounts.

Examples

Examples of the transaction include payment of salary of $1,000 to a worker, purchases of merchandise from a supplier on credit or purchase of machinery for cash.

Explanation:

Classification/Types Of Business Transaction

Business transactions may be classified as:

cash and credit transactions

internal and external transactions