This statement is True.
In common parlance, a transaction is a dealing between two or more persons, in which one person gives something to the other and in exchange for that receives something from the other. It is an exchange of goods and services either for cash or for any other goods or services. In other words, it is a business activity that interprets in money terms what business gives and what business receives in that exchange. To complete the transaction at least two persons are required. Purchase of goods, sale of goods, receipt, and payment of cash, borrowing, and lending, depositing cash into the bank, withdrawal of cash from the bank, etc. are examples of business transactions.