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Bookkeeping Essay

explanatory Essay
1816 words
1816 words
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Bookkeeping Bookkeeping is part of the accounting process which is recording financial transactions.it is either done for individual or organisation.accountants use bookkeeping to make reports based on financial transaction recorded.usually,bookkeeping is done by bookkeeper or also called as accounting clerk.well,the accountants make reports from the bookkeeper’s reports on financial transactions done.any recordings of financial transactions is called bookkeeping.there are two methods or ways bookkeeping is done by the bookkeeper.they are single-entry bookkeeping system and double-entry bookkeeping system. Single-entry bookkeeping system is recordings only happens once for each and every transactions.this system is suitable for people

In this essay, the author

  • Explains errors of omission, original entry, commission, transposition, and compensating errors.
  • Explains that bookkeeping is a part of the accounting process which is recording financial transactions.
  • Explains accounting or the language of business as the process where financial data about economical entities are recorded and analysed.
  • Explains that a balance sheet is an impartant part of the accounting process, usually done in fianacial accounting.
  • Explains the various meanings of journal, such as diary, newspaper, and magazines. the term journal is used in business and accounting.
  • Explains that a trial balance is based on general ledgers, and also includes nominal accounts that indicate credit and debit balance values.
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