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What Is A Transaction In Accounts?
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A transaction is an accord amid a purchaser and a retailer for the exchange of certain kinds of goods or even services for regular payment. It is a trade or you can even call it a transfer of goods, services, or funds.
In accounts, when one party exchanges goods or services with another party for the purpose of carrying trade, it is known as transaction.
When the entry is made or recorded in the books of accounts, a particular exchange of goods or services for money or kind is called a "transaction" in commerce / books of accounts.
answered 2 years ago
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