The term refers to business activities related to financial status and statements of the business. Transactions can be sales in cash or credit to customers, borrowing funds from a creditor, purchase of fixed and movable assets, payment of cash to a supplier from a sent invoice and so on. Types of accounting transactions based on institutional relationship are external and internal transactions, where external involves trading or goods and services with money and internal involves other processes within the organisation rather than sales. They are recorded directly or indirectly with a journal entry. Indirect is created when you use a module in accounting software to record a transaction. Accounting procedures vary based on different factors, like financial accounting, public accounting, management accounting, tax accounting, forensic accounting, cost accounting, auditing, government accounting etc. More details can be understood from the presentation.

Sruthy Santhosh

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