Identify the term that represent record of inflow and outflow of resources.

Transaction

The correct answer is Option (3) - Transaction.

A transaction refers to an event or an activity that involves the exchange of goods, services, money, or other economic resources between two or more parties. It is a fundamental concept in accounting and finance, providing the basis for recording and analyzing business activities. Transactions are the building blocks of financial statements and play a crucial role in the overall accounting process.