Q. What is Bookkeeping?
Top Answer
Solution:
It is a process of recording transactions. Bookkeeping is the art of recording business transactions in a systematic order.
Bookkeeping is essential for businesses to understand their financial activities clearly.
It involves creating and maintaining various financial documents, such as ledgers, journals, and financial statements.
Bookkeeping involves the following tasks:
Recording Transactions
Classifying Transactions
Posting to Ledgers
Balancing Accounts
Reconciling Accounts
Generating Financial Statements
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