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Question
Define the term Book-keeping.
Definition
Solution 1
"Book keeping is the science and art of recording correctly in books of account all those business transactions that result in the transfer of money or money's worth."
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Solution 2
Book-keeping is a primary stage task which includes identifying the transaction of financial character, measuring it in terms of money, recording the transaction and classify them into ledger.
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Distinction Between Accounting and Book-keeping
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RELATED QUESTIONS
Book keeping is a part of accounting, therefore its scope is ______ where as scope of accounting is ______.
It is the first stage of maintaining accounts and provides no conclusions.
It is the second stage and provides conclusions.
Give two differences between book-keeping and accounting.
