Book-Keeping is that branch of knowledge which tells us how to keep a record of business transaction. It is considered as an art recording systematically the various types of transaction that occur in a business concern in the books of accounts.
According to Spicer and pegler, " Book-keeping is the art of recording all money transaction, so that the financial option of an undertaking and its relation to both its properties and to outside persons can be readily ascertained". Accounting is a term which refers to a syatematic study of the principles and methods. Accountency and book-keeping are related terms. The former relates to the theoritical study and the latter refers to the practical work.
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