Chief Features of Business Transactions:

Business transactions refer to the exchange of goods or services between two parties for monetary or non-monetary compensation. The key features of business transactions are as follows:

1. Exchange: It involves the exchange of goods or services between two parties.

2. Money or Non-Money Compensation: The exchange can be for monetary compensation, such as cash, cheque, or credit, or non-monetary compensation, such as bartering.

3. Consensual: Both parties must agree to the terms of the transaction for it to be considered valid.

4. Legal: The transaction must be legal and comply with all relevant laws and regulations.

5. Recorded: The transaction must be recorded in a formal document for future reference.

6. Verifiable: The transaction must be verifiable and proven through proper documentation.

7. Specific Time: The transaction must occur at a specific time and date.

Basic Accounting Terms:

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Some of the basic accounting terms are as follows:

1. Assets: Resources owned by a company, such as cash, inventory, and property.

2. Liabilities: Obligations owed by a company, such as loans, accounts payable, and taxes.

3. Equity: The residual interest in the assets of a company after deducting liabilities.

4. Revenue: Income earned by a company from the sale of goods or services.

5. Expenses: Costs incurred by a company in the process of generating revenue.

6. Accounts Payable: Money owed by a company to its suppliers or creditors.

7. Accounts Receivable: Money owed to a company by its customers.

8. Balance Sheet: A financial statement that shows a company's assets, liabilities, and equity at a specific point in time.

9. Income Statement: A financial statement that shows a company's revenue and expenses over a period of time.

10. Cash Flow Statement: A financial statement that shows a company's inflows and outflows of cash over a period of time.

In conclusion, understanding the chief features of business transactions and basic accounting terms is essential for individuals who want to manage their own finances or work in the financial industry.

Transaction should be in money term