Final answer:
Transaction documents are not used to carry on operations of a firm over long periods; they are instead used to record individual transactions as they occur.
Step-by-step explanation:
The statement that transaction documents are records used to carry on the operations of a firm over long periods of time is false. Transaction documents are actually records of individual business transactions that occur. These might include, for example, sales receipts, purchase orders, and invoices. They are used to record and process transactions as they occur and are essential for maintaining accurate financial records. However, they are not typically used to manage operations over extended periods; instead, they provide the data for financial statements and other reports that can be used for long-term planning and decision-making.