Financial records in Business Grade 7 Business Studies Revision Notes

Description

Business Transactions

• A business transaction is a deal between two or more people involving exchange of goods and services in terms of money.
• Business transaction may take place on cash basis; in which case goods are paid for before or on delivery or a short while after delivery
• Business transaction may also take place on credit basis; which means payment is made after a specified period from the date of delivery of the goods or the provision of the services