What is Bookkeeping
· The
activity of recording business transactions
· Bookkeeping is the recording of financial transactions. Transactions include
sales, purchases, income, and payments by an individual or organization.
· Book keeping - Maintaining the accounts, by written record in the books, or by
electronic data entries
· The record keeping aspect of
accounting that is applied in the preparation of financial statements for
taxation and other data that companies and individuals use to keep track of
business and personal expenses and obligations.
· The part of accounting that involves recording economic transactions and
events electronically or manually; also called record keeping.
· This is the process of entering data
into an accounting system, including the amount, date, and source of each
revenue or expense. No accounting system will work without reliable
bookkeeping.
· Bookkeeping, commonly referred to as keeping the books, is the process of
keeping full, accurate, up-to-date business records. Proper bookkeeping can help businesses effectively manage cash flow,
stay abreast of profits and losses, and develop plans for the future based on
financial trends. Furthermore, accurate bookkeeping is required by both federal
and local tax agencies.
· Bookkeeping involves making a record of the monies received by a business as
well as the monies paid out. It encompasses money a company owes to vendors,
employees, tax agencies, contractors and any other individual or entity.
Likewise, accurate records of amounts owed to a company by outside individuals
and organizations are recorded in a company's books.
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Tnx for reading
KSM
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