Let us think in general that when we have a business transaction, it will be having some basic elements about the transaction like Date when the transaction took place, how much it affected the worth of business, and nature of the transaction.
Date of the transaction
Date of transaction tells that when the particular transaction took place in the business year.
Worth of the Transaction
Worth of transaction represents how much of work processed.
Nature of Transaction
Nature of transaction will be indentified as Income, Expenditure, Asset, or Liability.
And these three basic elements of the business transaction form the Accounting Data. And this Accounting Data will be recorded, organization, and maintained using the Masters, and Vouchers.