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TERM OF THE DAY transaction 1. General: Agreement, contract, exchange, understanding, or transfer of cashor property that occurs between two or more parties and establishes a legalobligation. Also called booking or reservation. 2. Accounting: Event that effects a change in the asset, liability, or net worthaccount. 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. Commerce: Exchange of goods or services between a buyer and a seller. Every transaction has three components: (1) transfer of good/service andmoney, (2) transfer of title which may or may not be accompanied by a transfer of possession, and (3) transfer of exchange rights. 5. Computing: Event or process (such as an input ... Learn more about this term Usage Example Even though the dealer offered a set price for his used car, the transaction also incurred additional costs for the buyer including title search costs, insurance and registration fees.