Definition and meaning of Book-Keeping:
In the words of A. H. Rosenkampff, "Book- Keeping is the art of recording business transactions in a systematic manner."
According to Northcot, "Book- Keeping is the art of recording in the books of account the monetary aspect of commercial and financial transactions."
R. N. Carter defines book-Keeping as " the science and art of correctly recording in books of accounts all those business transactions that result in the transfer of money or money's worth."
In the words of L. C. Cropper, " Book-Keeping is the science of recording transactions in money or money's worth in such a manner that, at any subsequent date, their nature and effect may be clearly understood and, when required, a combined statement of their result may be prepared."
From these definitions, it is clear that book- keeping is the art and science of recording business transactions in appropriate books of accounts in accordance with the principles of accountancy for the purpose of ascertaining the the profit or loss and the financial position of the business. In other words, book-keeping is the system of recording business transactions in the appropriate account books in a systematic manner so as to indicate the profit or loss of the business and present a clear picture of the financial position of the business. In short, book-keeping means the recording of business transactions in a set of account books.
In the words of A. H. Rosenkampff, "Book- Keeping is the art of recording business transactions in a systematic manner."
According to Northcot, "Book- Keeping is the art of recording in the books of account the monetary aspect of commercial and financial transactions."
R. N. Carter defines book-Keeping as " the science and art of correctly recording in books of accounts all those business transactions that result in the transfer of money or money's worth."
In the words of L. C. Cropper, " Book-Keeping is the science of recording transactions in money or money's worth in such a manner that, at any subsequent date, their nature and effect may be clearly understood and, when required, a combined statement of their result may be prepared."
From these definitions, it is clear that book- keeping is the art and science of recording business transactions in appropriate books of accounts in accordance with the principles of accountancy for the purpose of ascertaining the the profit or loss and the financial position of the business. In other words, book-keeping is the system of recording business transactions in the appropriate account books in a systematic manner so as to indicate the profit or loss of the business and present a clear picture of the financial position of the business. In short, book-keeping means the recording of business transactions in a set of account books.
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