How do you know a business transaction has taken place?


Question: How do you know a business transaction has taken place?

A business transaction has taken place when there is an exchange of goods or services between two parties. This exchange can be identified through the use of supporting documents, such as invoices, receipts, purchase orders, and contracts. These documents provide evidence of the transaction, including the parties involved, the date of the transaction, the type and quantity of goods or services exchanged, and the amount paid or received. Recording these transactions accurately and in a timely manner is essential for maintaining accurate financial records and preparing financial statements.

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