Question

Meaning of book keeping?

Answer 1

It is the documentation of financial undertakings of a firm.

• The day to day documentation of financial transactions and specific details typically relating to a firm is known as book keeping.
• It guarantees that individual accounting transaction records are accurate, up-to-date, and complete.
• In the process of book keeping, factual accuracy is critical and must as it helps in case of any apparent discrepancies.

Answer 2

Explanation:

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organisations. It involves preparing source documents for all transactions, operations, and other events of a business.