BUSINESS TRANSACTIONS

It refers to any business dealing or event which has a value measurable in terms of money.In other words, a business transaction involves transfer of money or money's worth between business and others.A transaction may be cash,credit, or barter.A transaction which involves immediate payment or receipt of cash is called cash transaction.On the other hand, if payment or receipt of money of a transaction is postponed, it is known as credit transaction.But in the case of barter, goods or service is exchanged for another goods or service.