Question

This type of transaction is one that a business encounters on a regular, recurring basis. The volume of the transactions is so large that transactions and the related accounting activities become second nature to the employees responsible for handling them. Specific authorization for each of these transactions is not necessary. The type of transaction referred to is:

Answer 1

Answer:

Routine transaction

Explanation:

Firms and organisations generally consist of various transactions on a daily basis. Some of them require specific authorisations and some do not. Those transactions which do not require specific laws or approval before the transaction is called a routine transaction. Similarly, routine transactions are payroll transactions, sales, purchases and receipts. They are done on the normal course of business, and certain specific applications are made once to account for these transactions.