Consider money is transferred from (1)account-A to account-B and (2) account-B to account-C and (3)account-C to account-A. Which of the following form a transaction
Question
Consider money is transferred from (1)account-A to account-B and (2) account-B to account-C and (3)account-C to account-A. Which of the following form a transaction
Solution
A transaction in banking terms is any event that alters the balance of an account. In this case, each of the three actions mentioned can be considered a transaction.
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The transfer of money from account-A to account-B is a transaction. This is because it involves the movement of funds from one account to another, which changes the balance of both accounts.
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The transfer of money from account-B to account-C is also a transaction for the same reasons. The balance of both accounts is altered as a result of the transfer.
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The transfer of money from account-C back to account-A is the third transaction. Again, this is because it changes the balance of both accounts involved.
So, all three actions (1, 2, and 3) form a transaction.
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