12 Terms You Should Know Before Start Studying Accounts
12 Terms You Should Know Before Start Studying Accounts (i) Transaction: It means an event or a business activity which involves exchange of money or money’s worth between parties. The event can be measured in terms of money and which changes the financial position of a person. Transaction could be a cash transaction or a credit transaction. (ii) Profit: The excess of Revenue Income over expense is called profit. It could be calculated for each transaction or for business as a whole....