The transaction involves two aspects, i.e. Give and Take.
Business transactions are exchanges of economic consideration between parties and have two-fold effects that are recorded in at least two accounts.
Business transactions are usually evidenced by an appropriate document such as Cash memo, Invoice, Sales bill, Pay-in-slip, Cheque, Salary slip, etc.
A document that provides evidence of the transactions is called the Source Document or a Voucher.
It is an economic activity such as the purchase of goods, receiving cash or cheque of customers, etc
Each Transaction results in Inflow or Outflow of Cash, Goods, or Services.
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