business transaction

Definition

A transaction engaged in by a business that initiates the accounting cycle of that business. Business transactions are recorded in order to maintain accurate account balances, to ensure accountability, to establish historical business activity data, and to provide information to decision-makers for determining business strategy.

Use this term in a sentence

We were conducting a business transaction and we were all ready to go for the week and everyone was excited.

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A business transaction was made between the bank teller and the new customer who recently became a member of that bank, since they discussed their business transactions in private.

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A business buying assets or supplies, paying for expenses and utilities, selling products or services, and paying employees engages in a business transaction each time.

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duality concept bank payment slip with reference number (BESR)