transaction-record

Vocabulary Word

Definition

A 'transaction record' is a detailed document which verifies that a purchase, sale, or transfer has occurred. It includes four Ws: what was bought, sold, or transferred, who did it, where it happened, and when it took place.

Examples in Different Contexts

In retail, keeping a transaction record helps track sales, returns, and customer purchases. A store manager might explain, 'We review our transaction records daily to manage inventory and understand customer buying patterns.'

Practice Scenarios

Accounting

Scenario:

Revenue seems to be lower than expected this quarter, despite our increased sales. What might be the reason, as our financial analyst?

Response:

That's interesting. I'll need to delve into the transaction records to identify any discrepancies.

Banking

Scenario:

We've seen an increased number of bounced checks in recent transactions. As the head of our bank's operations department, how would you handle this?

Response:

We'll need to pay careful attention to transaction records of these specific accounts while we figure out an appropriate course of action.