Class Notes Each class has notes available. Most of the classes have practice problems with solutions available on the practice problems pages. Also most classes have assignment problems for instructors to assign for homework (answers/solutions to the assignment problems are not given or available on the site).
Definition. The accounting definition of a business transaction, according to the online Business Dictionary, is an economic event that initiates the accounting process of recording it in a company's accounting system.. This is the official definition.imple Transactions. Some transactions are simple exchanges. Paying two dollars for a cup of coffee is a business transaction. Getting a haircut, eating at a restaurant, even buying something expensive like a washer or dryer can be a simple transaction.
An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business. Examples of accounting transactions are: 1  Sale in cash to a customer. 2  Sale on credit to a customer. 3  Receive cash in payment of an invoice owed by a customer. 4  Purchase fixed assets from a supplier. 5  Record the depreciation of a fixed asset over time.