Business is a transaction between a business concern and its owner or

1.	Business is a transaction between a business concern and its owner or an outsider involving the exchange transaction...( pls explain this sentence)
Answer» Answer: Definition and explanation In accounting, the business transaction (also known as FINANCIAL transaction) is an event that must be measurable in terms of money and that essentially impacts the financial position of the business. For example, you RUN a merchandising business and you SELL some goods to a customer for $500 cash; it is an event that you can measure in terms of money and that impacts the financial position of your business so it is a transaction. Similarly, you pay $400 cash to your salesman as his pay. This event is also a transaction because it has a monetary value of $400 and it has a financial impact on your business. Only those events that can be MEASURED in monetary terms are included in accounting records of the business. Explanation: follow me

Business is a transaction between a business concern and its owner or an outsider involving the exchange transaction...( pls explain this sentence)

Answer»

Answer:

Definition and explanation

In accounting, the business transaction (also known as FINANCIAL transaction) is an event that must be measurable in terms of money and that essentially impacts the financial position of the business. For example, you RUN a merchandising business and you SELL some goods to a customer for $500 cash; it is an event that you can measure in terms of money and that impacts the financial position of your business so it is a transaction. Similarly, you pay $400 cash to your salesman as his pay. This event is also a transaction because it has a monetary value of $400 and it has a financial impact on your business. Only those events that can be MEASURED in monetary terms are included in accounting records of the business.

Explanation:

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