Difference between revisions of "Business Transaction"
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Latest revision as of 15:15, 16 September 2021
Definition
Business Transaction in Accounting context is any economic Transaction undertaken by an entity.
Classification
- Exchange transaction (involves physical exchange of values such as sale, purchase, payment, etc.)
- A non-exchange transaction (does not involve physical exchange (e.g. loss from flood, fire loss, internal production, depreciation)
