MANAGEMENT

Detailed explanation-1: -A transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money. The term is also commonly used in corporate accounting.

Detailed explanation-2: -A financial transaction is an agreement, or communication, between a buyer and seller to exchange goods, services, or assets for payment.

Detailed explanation-3: -There are four types of financial transactions-purchases, payments, receipts, and sales.

Detailed explanation-4: -This type of transaction, which is also known as an arm-in-arm transaction, refers to a business deal in which buyers and sellers have an identity of interest. Put simply, buyers and sellers have an existing relationship that is either business-related or personal.

Detailed explanation-5: -Any event which involves transfer of money or money’s worth is known as financial transaction. It is an agreement, or communication, carried out between a buyer and a seller to exchange an asset for payment. It is still a transaction if the goods are exchanged at one time, and the money at other.