What is a transaction?
A transaction is defined as a fundamental economic event representing the exchange of goods, services, or assets between two parties. It embodies the essence of commerce, encompassing various activities such as purchases, sales, investments, and financial dealings. Transactions involve an agreement between a buyer and a seller, the transfer of value, and the establishment of a legal relationship. In the business realm, transactions are vital for financial record-keeping, providing a comprehensive view of economic activities and serving as the basis for accounting and financial analysis. The concept of a transaction extends across various sectors, from everyday retail transactions to complex financial dealings in global markets.
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