Final answer:
Transaction documents are evidences of business operations but are not designed solely for long-term operations. They can be digital or paper and are used in everyday business activities. So, the given statement is False
Step-by-step explanation:
False. Transaction documents are not necessarily paper records nor are they used to carry on operations of a firm over long periods of time. Instead, they are documents that evidence a business transaction and are often used in the day-to-day activities of a business.
These can include sales receipts, invoices, purchase orders, and other forms of documentation related to a specific transaction.
In the modern business environment, many transaction documents are created and stored digitally.
Despite the shift to digital, the primary purpose of these documents remains the same—to record and provide evidence of business transactions as they occur. While they can serve as historical records and may be kept for long periods for auditing purposes, their main function is to facilitate immediate business operations and serve as proof of the transactions.
Therefore, the given statement is False