Master data is data that does not change often and is always needed in the same way by business.Ex: One time activities like creating Company Codes, Materials, Vendors, Customers etc.
Transaction data keeps on changing and deals with day to day activities carried out in business.Transactions done by or with Customers, Vendors, and Materials etc. generate Transaction Data. So data related to Sales, Purchases, Deliveries, Invoices etc. represent transaction data.
Some important transactions here for Master Data:
Some Important transactions for Transaction data: