CBSE Class 10 ELEMENTS OF BOOK-KEEPING & ACCOUNTANCY Question Papers
Book-keeping is the recording of financial transactions and is part of the process of accounting in business. Transactions include purchases, sales, receipts, and payments by an individual person or an organization/corporation.
There are several standard methods of book-keeping, such as the single-entry bookkeeping system and the double-entry book-keeping system, but, while they may be thought of as "real" bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process.
An account (in book-keeping) refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries. These entries, referred to as postings, become part of a book of final entry or ledger.
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