Definition of Transaction:

  1. General: Agreement, contract, exchange, understanding, or transfer of cash or property that occurs between two or more parties and establishes a legal obligation. Also called booking or reservation.

  2. Accounting: Event that effects a change in the asset, liability, or net worth account. Transactions are recorded first in journal and then posted to a ledger.

  3. Banking: Activity affecting a bank account and performed by the account holder or at his or her request.

  4. Computing: Event or process (such as an input message) initiated or invoked by a user or computer program, regarded as a single unit of work and requiring a record to be generated for processing in a database. In a secure transaction (see ACID qualities) such events are regarded as a single unit of work and must either be processed in their totality or rejected as a failed transaction.

  5. Commerce: Exchange of goods or services between a buyer and a seller. Every transaction has three components: (1) transfer of good/service and money, (2) transfer of title which may or may not be accompanied by a transfer of possession, and (3) transfer of exchange rights.

Synonyms of Transaction

Accomplished fact, Accomplishment, Accord, Achievement, Act, Acta, Action, Administration, Adventure, Affair, Agreement, Annals, Arrangement, Bargain, Binding agreement, Blow, Bond, Business, Business deal, Carrying out, Cartel, Collective agreement, Commercial transaction, Commission, Compact, Completion, Concern, Concernment, Conduct, Consortium, Contract, Convention, Coup, Covenant, Covenant of salt, Deal, Dealing, Dealings, Deed, Dicker, Discharge, Dispatch, Doing, Doings, Effectuation, Effort, Employment contract, Enactment, Endeavor, Enforcement, Enterprise, Execution, Exploit, Fait accompli, Feat, Formal agreement, Fulfillment, Gest, Go, Goings-on, Hand, Handiwork, Handling, Implementation, Interest, Ironclad agreement, Job, Legal agreement, Legal contract, Management, Maneuver, Matter, Measure, Minutes, Move, Mutual agreement, Negotiation, Observance, Operation, Overt act, Package deal, Pact, Paction, Passage, Performance, Perpetration, Proceeding, Proceedings, Production, Promise, Prosecution, Protocol, Records, Res gestae, Step, Stipulation, Stroke, Stunt, Thing, Thing done, Tour de force, Transactions, Turn, Understanding, Undertaking, Union contract, Valid contract, Wage contract, Work, Works

How to use Transaction in a sentence?

  1. When one person sells a product to another there will likely be some sort of hand to hand business transaction that takes place.
  2. I wanted to look into the most recent transaction of my team and see who my team got in the trade with the Raptors.
  3. I had already paid the band for my daughters wedding, so when she broke off the engagement I lost all my money because the transaction was nonrefundable.

Meaning of Transaction & Transaction Definition