Give the meaning of the terms 'Transaction', 'Data item' and 'Information'.

Transaction: It is a record of inflow and outflow of resources. Data item: It is the smallest named unit of element; various items of accounting transactions are essentially the data items. Information: It is the end product of data being processed to some meaningful conclusion. e.g. if the days worked rate per day, then it is converted into information. The information may be viewed as data at one level and when it is processed keeping in view the requirements of decisionmaker, it becomes information at another level.