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What are Accounting Transactions?
- Any business activities that have an impact on the financial statements and status of the organization are considered accounting transactions. Essentially, an accounting transaction is any exchange of money.
- To keep track of their money, businesses record these transactions in a variety of methods, such as spreadsheets or invoices.
- External transactions and Internal transactions are the two different types of accounting transactions based on institutional relationships.
- The double-entry technique of bookkeeping is a method for recording accounting transactions where each entry to one account requires an opposing input to a different account, providing balanced journal entries.
- A debit and a credit are the two equal and equivalent sides of a double-sided journal entry. It will make sure that total debits and total credit are always equal.
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