Transaction

• Date: 1632

Definitions

• 1 a : something transacted; especially : an exchange or transfer of goods, services, or funds <electronic transactions>

b plural : the often published record of the meeting of a society or association

• 2 a : an act, process, or instance of transacting

b : a communicative action or activity involving two parties or things that reciprocally affect or influence each other

Description

A transaction is an agreement, communication, or movement carried out between separate entities or objects, often involving the exchange of items of value, such as information, goods, services, and money.

A financial transaction is an event or condition under the contract between a buyer and a seller to exchange an asset for payment. In accounting, it is recognized by an entry in the books of account. It involves a change in the status of the finances of two or more businesses or individuals.