Give the meaning of book-keeping in three to four effective sentences.
Give the meaning of book-keeping in your own words.
Write the meaning of book-keeping and mention its two objectives.
Write the meaning of book-keeping.
Write the meaning of book-keeping and state any two objectives.
Give the meaning of book-keeping and account.
Bookkeeping is the combination of two words ‘book and keeping’.
Book means collection of financial data or information.
Keeping means process of recording this information.
Book-keeping it is an art of keeping a permanent record of financial transactions of an individual, a business firm, a state government, a central government.
Therefore, book-keeping refers the act of keeping financial transactions in regular, systematic and scientific way.
Give any four objectives of book-keeping system.
Mention any three objectives of book-keeping.
Mention any three functions of book-keeping
Identify financial transactions
The main objective of book-keeping is to find out financial transactions.
We record only financial transactions in bookkeeping.
Classify the transactions
After finding-out financial transactions, they must be classified into personal account, real account and nominal account.
Keep record
After classifying transactions, these transactions are recorded in journal entry.
Journal entries are the base of accounting.
###########
Click on link for YouTube videos CHAPTERS OF CLASS 11
ACCOUNTING EQUATION http://tiny.cc/c89jkz
BASIC JOURNAL ENTRIES IN NEPALI http://tiny.cc/uaakkz
BASIC JOURNAL ENTRIES http://tiny.cc/8aakkz
JOURNAL ENTRY AND LEDGER http://tiny.cc/caakkz
LEDGER http://tiny.cc/haakkz
SUBSIDIARY BOOK http://tiny.cc/399jkz
CASH BOOK http://tiny.cc/889jkz
TRIAL BALANCE & ADJUSTED TRIAL BALANCE http://tiny.cc/c59jkz
BANK RECONCILIATION STATEMENT (BRS) http://tiny.cc/q59jkz
DEPRECIATION http://tiny.cc/ugakkz
FINAL ACCOUNT: CLASS 11 http://tiny.cc/y89jkz
ADJUSTMENT IN FINAL ACCOUNT http://tiny.cc/keakkz
CAPITAL AND REVENUE http://tiny.cc/peakkz
SINGLE ENTRY SYSTEM http://tiny.cc/n19jkz
NON-PROFIT ORGANIZATION (NON-TRADING CONCERN http://tiny.cc/j09jkz
GOVERNMENT ACCOUNTING http://tiny.cc/hcakkz
GOSWARA VOUCHER (JOURNAL VOUCHER) http://tiny.cc/hcakkz
###########
Write any three importance of book-keeping.
IMPORTANCE OR ADVANTAGES OF BOOKKEEPING
Keep in mind
Human memory has some limitations.
It is not possible to remember all the business transactions without recording.
Therefore, book-keeping helps keep transactions by recording in different books of account.
Performance and position
The final accounts expose/show how much profit has been gained or loss suffered during an accounting period.
The balance sheet (position statement) also shows the exact financial position of a business by showing assets and liabilities on a particular date.
Preparation of financial statements
Businessman wants to know the profit earned or loss suffered during the accounting year.
He also wants to know financial position opening stock business at the end of the year.
This is disclosed by income statement (trading and profit and loss account) and balance sheet.
Book-keeping provides necessary data for preparing these statements.
*************************
Thank for investing your time. You can help me by sharing this article at your social media platform.
Jay Google, Jay YouTube, Jay Social Media