A business transaction is an activity which involves the exchange of goods/services with money or other valuables.
types of business transactions
- Cash transactions- transactions done on cash basis. e.g. buying a car with actual money or paying using a cheque.
- Credit transactions – these are transactions by the terms of which the repayment of money loaned or loan commitment made, or payment for goods, services or properties sold or leased, is to be made at a future date or dates.
- Barter Transaction – transactions involving the exchange of goods with other goods….for example exchanging a car with 5 goats.
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