A transaction is any event that has a financial impact on the business that can be
measured reliably.

Question

Quizplus · Accepted Answer

This is a correct definition of a transaction. Any event that can be measured in monetary terms and has an impact on the business's financial position is considered a transaction. Examples of transactions include the purchase of inventory, the sale of goods or services, and the payment of expenses. It is important for businesses to accurately record all transactions in their accounting system to ensure accurate financial reporting.

A Transaction Is Any Event That Has a Financial Impact