Question

The ___________ is a statement for the daily business transactions. it includes the list of checks and balances for the office for a specific date of service.

Answer 1

The Date sheet is a statement for daily business transactions. it includes the list of checks and balances for the office for a specific date of service.

A business transaction is an economic event involving a third party that is documented in the accounting system of a company.

Such a transaction needs to have a monetary value. Business transactions include, for example:

In a specific diary, such as a purchasing journal or sales journal, high-volume commercial transactions may be documented.

These journals are used to record business transactions, which are then regularly compiled and submitted to the general ledger.

Transactions with a lower volume are submitted straight to the general ledger. The financial accounts of the company eventually include a summary of these transactions.

A source document must always be used to back up a business transaction. A purchase order, for instance, might be used to facilitate the purchase of items from a supplier and the payment of wages to an employee.

Learn more about business transactions here

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