Business transactions and documentation

Business transactions and documentation

In this first chapter we consider what a business is and introduce some of the documents used to record business transactions.

TOPIC LIST

1 Types of business transaction

2 What is a business?

3 A business is separate from its owner(s)

4 Documenting business transactions

5 Invoices and credit notes

6 Discounts, rebates and allowances

7 Sales tax

8 Data protection

In your studies qualification, and specifically for this exam on transaction accounting, you will be concerned with business transactions. There is no one definition of a business, although we all know more or less what it is. Broadly speaking it is a commercial organization, large or small, which exists to make money or profits for its owners. It may make this money by manufacturing and/or selling goods or services.

Wherever property changes hands there has been a business transaction. The main types of business transactions are sales and purchases.

Sales and purchases occur in two different ways, by cash or on credit

I have tried to explain every topic with best definition and cover full area topics. I have also given examples with possible topics. If you feel any problem you can just contact me on my social media which is given in my profile.

Basic Accounting concepts

Url: View Details

What you will learn

• Types of business transaction
• What is a business?
• A business is separate from its owner(s)

Rating: 0

Level: Beginner Level

Duration: 34 mins

Instructor: Izaz Tufail