Question

All the business transactions are recorded in the book of ---------- a) Accounts b) Book-keeping c) Transactions d) Opening entry​

Answer 1

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Answer 2

The transactions are recorded in the book of accounts.

• The process of recording financial transactions is known as accounting. It is both an art and a science.
• It is useful for keeping the efficient track of a company's commercial dealings and all other financial doings.
• The recordings are generally done in the book known as Journal.
• The only business transactions that are entered into the books of account are those that involve money and may be described in monetary terms.
• Following the recording, an analysis is typically conducted to aid in making certain financial decisions.
• A business transaction won't be recorded in the books of accounts if it cannot be quantified in monetary terms.

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