What do meant by Book-Keeping
As defined by carter, ‘book keeping is a
science and art of correctly recording in books of accounts all those business
transactions that result in transfer of money or money’s worth’. It is a
process of recording transaction and events of financial data related to
business operation in order of its occurrence. It is basic function of
accounting. In it proper books of account are prepared. Book keeping is a
mechanical task which involves:
Collection of basic financial information.
· Identification of
transactions and events with financial character( economic transaction)
· Measurement of economic
transactions in terms of money .
· Recording financial effects
of economic transactions in order of its occurrence.
· Classifying effect of
economic transactions i.e recordings in ledger .
· Preparing organized statement known as trial balance.
Objective of book-keeping :-
(1) Complete Recording of transaction:- It records all transaction in
(2) Ascertainment of financial effect on business:- It shows combined effect of
transaction made during accounting year.
· Difference between Book-keeping and Accounting.
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