Answer Posted / g.ravi
Bookkeeping (also book-keeping or book keeping) is the
recording of all financial transactions undertaken by an
individual or organization (including a corporation or
legal person). Bookkeeping is "keeping records of what is
bought, sold, owed, and owned; what money comes in, what
goes out, and what is left." Bookkeeping is part of the
accounting cycle, and bookkeepers' work is closely related
to that of accountants.
Two common book keepings are
Single entry and Double entry
Single entry uses only income and expenses accounts
recorded primarily in a revenue and exp.journal.Use in
small business.
Double entry book keeping requires posting of each
transactions twice(debit and credit)
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