Essential Aspects or Features of Book-Keeping:
Book-Keeping has certain essential aspects. They are :
1. Book-Keeping is the recording of only business transactions (i.e. only those activities of a business which result in transfer of money or money's worth between the business and others dealing with the business).
2. It is the recording of only the monetary or financial aspects of business transactions or activities.
3. It is the recording of business transactions in terms of money.
4. It is the recording of business transactions in a certain set of books, known as books of accounts or account books.
5. It is the recording of business transactions in the books of accounts in a systematic or methodical manner according to the principles or rules of accountancy.
6. The recording of business transactions in the books of accounts of the business is intended to ensure that information on any point of the business, particularly about the profit and financial position of the business, is readily available.
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