What are the types of business transaction?
- Cash Transaction
- Credit Transaction
- Barter Transaction
- Paper Transaction
Restaurant Examples: A couple comes in and orders food & beverages. They dine then pay for their meal. The Charge for the Meal and the Receipt of the Payment is a Business Transaction. The Restaurant orders food & beverages from one of their Vendors. The Vendor delivers the Goods. That is a Business Transaction. The Vendor invoices the Restaurant for the food & beverages delivered. The Restaurant pays the Vendor. The Charge and the Payment…
I made a research and it says that: Business transaction is a economic activity or event that initiates the accounting process of recording it in the firm's accounting system while personal transaction means is a set of custom fields grouped together into a specific transaction type ad linked into a role. -Internet, Wikipedia