explain book-keeping.
Answers
Answered by
1
Bookkeeping involves recording, storing and retrieving of financial transactions for a company, nonprofit organization, individual, and others.
Common financial transactions and tasks that are involved in bookkeeping include:
Billing for goods sold or services provided to clients.Recording receipts from customers.Verifying and recording invoices from suppliers.Paying suppliers.Processing employees' pay and the related governmental reports.Monitoring individual accounts receivable.Recording depreciation and other adjusting entries.Providing financial reports.
Today bookkeeping is done with the use of computer software. For example, QuickBooks (from Intuit) is a low-cost bookkeeping and accounting software package that is widely used by small businesses in the U.S.
Bookkeeping requires knowledge of debitsand credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.
Common financial transactions and tasks that are involved in bookkeeping include:
Billing for goods sold or services provided to clients.Recording receipts from customers.Verifying and recording invoices from suppliers.Paying suppliers.Processing employees' pay and the related governmental reports.Monitoring individual accounts receivable.Recording depreciation and other adjusting entries.Providing financial reports.
Today bookkeeping is done with the use of computer software. For example, QuickBooks (from Intuit) is a low-cost bookkeeping and accounting software package that is widely used by small businesses in the U.S.
Bookkeeping requires knowledge of debitsand credits and a basic understanding of financial accounting, which includes the balance sheet and income statement.
Answered by
0
ʜᴇʏᴀ ᴜsᴇʀ!
ʙᴏᴏᴋ-ᴋᴇᴇᴘɪɴɢ ɪs ᴀ ᴘʀᴏᴄᴇss ᴏғ ʀᴇᴄᴏʀᴅɪɴɢ ᴏғ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs ɪɴ ʙᴏᴏᴋ ᴏғ ᴀᴄᴄᴏᴜɴᴛs.
ʙᴏᴏᴋ-ᴋᴇᴇᴘɪɴɢ ɪɴᴠᴏʟᴠᴇs ᴛʜᴇsᴇ sᴛᴇᴘs:
①ɪᴅᴇɴᴛɪғɪᴄᴀᴛɪᴏɴ ᴏғ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs.
②ᴍᴇᴀsᴜʀɪɴɢ ᴅᴀᴍ ɪɴ ᴛᴇʀᴍs ᴏғ ᴍᴏɴᴇʏ.
③ ʀᴇᴄᴏʀᴅɪɴɢ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs ɪɴ ᴛʜᴇ ʙᴏᴏᴋ ᴏғ ᴀᴄᴄᴏᴜɴᴛs.
④ᴄʟᴀssɪғʏɪɴɢ ʀᴇᴄᴏʀᴅᴇᴅ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs, ᴘᴏsᴛɪɴɢ ᴛʜᴇᴍ ɪɴᴛᴏ ʟᴇᴅɢᴇʀ ᴀᴄᴄᴏᴜɴᴛ.
ʙᴏᴏᴋ-ᴋᴇᴇᴘɪɴɢ ɪs ᴀ ᴘʀᴏᴄᴇss ᴏғ ʀᴇᴄᴏʀᴅɪɴɢ ᴏғ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs ɪɴ ʙᴏᴏᴋ ᴏғ ᴀᴄᴄᴏᴜɴᴛs.
ʙᴏᴏᴋ-ᴋᴇᴇᴘɪɴɢ ɪɴᴠᴏʟᴠᴇs ᴛʜᴇsᴇ sᴛᴇᴘs:
①ɪᴅᴇɴᴛɪғɪᴄᴀᴛɪᴏɴ ᴏғ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs.
②ᴍᴇᴀsᴜʀɪɴɢ ᴅᴀᴍ ɪɴ ᴛᴇʀᴍs ᴏғ ᴍᴏɴᴇʏ.
③ ʀᴇᴄᴏʀᴅɪɴɢ ᴛʜᴇ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs ɪɴ ᴛʜᴇ ʙᴏᴏᴋ ᴏғ ᴀᴄᴄᴏᴜɴᴛs.
④ᴄʟᴀssɪғʏɪɴɢ ʀᴇᴄᴏʀᴅᴇᴅ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴀɴᴅ ᴇᴠᴇɴᴛs, ᴘᴏsᴛɪɴɢ ᴛʜᴇᴍ ɪɴᴛᴏ ʟᴇᴅɢᴇʀ ᴀᴄᴄᴏᴜɴᴛ.
Similar questions