Booking Keeping And Accounting

Bookkeeping is keeping proper records of the financial transactions of an entity.

Booking keeping and accounting. A book keeper is responsible for keeping all records of a business or only a limited segment such as maintaining creditors position of departmental store. It might be of particular interest to small business owners people who are self employed or those wanting to better manage their own finance. Feb 22 2014 printables to aid my study course.

The book keeping work is done by manually by maintaining proper set of books till computerisation. Book keeping involves recording of financial transactions in various accounting books whereas the accounting process involves recording interpreting classifying analyzing reporting and summarizing financial data. Bookkeeping is usu ally performed by a book keeper.

Accounting is the process of systematic recording analyzing controlling and communication of. Book keeping may be defined as the science and art of recording transactions in money or money s worth so accurately and systematically in a certain set of books regularly so that the true state. Accounting is recording measuring grouping summarizing evaluating and reporting of transactions of the entity which are in monetary terms.

Yield of bookkeeping is an input for accounting. See more ideas about accounting bookkeeping bookkeeping and accounting. Transactions include sales purchase income receipts and payment by an individual or organization.

So book keeping helps to record these financial transaction in the form of journal ledger etc. Book keeping includes recording of journal posting in ledgers and balancing of accounts. But now a days it is taken over by the computers using accounting software.

Book keeping is a primary and basic function in the process of accounting and concerned with recording and maintenance of books of accounts only. All the records before the preparation of trail balance is the subject matter of book keeping. Recording financial transactions is the first part of the foundation of the accounting process.