What is a transaction ?

The transaction is a very much important topic for understanding in this era. We are living in a world where everyone addicted to digital methods instead of offline methods. The transaction is buying or selling anything for some specific tasks. The transaction is an exchange of money in terms of monetary transactions. The transaction is a financial statement that is used to show the buying or selling details of any task.

In accounting terms, All the financial details are recorded in terms of transactions. Transactions in terms of books for the businessman is straightforward, their transactions are like the businessman giving a specific amount to a particular or many other shopkeepers for further purchase of goods. And sometimes transactions are of receiving types like if the businessman sells their goods then they receive money from the customer. All these types of financial statements are known as Transactions.

The transaction is a set of operations that are used to perform a work or task. The transaction is handled in different ways. Different users have different transaction details. When someone buys or sells things and spends or earns money is termed as transactions. The government has decided to make the UK the best for online transactions. The exchange of goods is called transactions.

Few Examples of transactions are described below:-

• If the amount is to be paid to the supplier for services rendered and goods to be delivered.
• If cash is to be paid to the seller and to obtain ownership of a property owned by the seller.
• In a company, when the salary is to be paid.
• If we receive payment from any to many customers in exchange for goods or services.