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What is the functions of book keeping |
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Answer» To record the transactions in daily basis in a systematic way in a way of a art Bookkeeping is the activities concerned with the systematic recording and classification of financial data of an organization in an orderly manner. It is essentially a record-keeping function done to assist in the process of\xa0accounting. It is a key component in forming the financial statements of the organization at the end of the financial year.Bookkeeping also concerns itself with the classification of financial transactions and events. Such classification of transactions is essential to maintain proper financial accounts. It also involves preparing source documents for the financial transactions and other\xa0business\xa0operations being carried out.There are many methods of book-keeping. The most common ones are the\xa0double-entry\xa0system and the single-entry system. But even methods other than these, which involves the process of recording financial transactions in any manner are acceptable book-keeping systems or processes. |
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