BOOK-KEEPING :

Book-keeping is mainly concerned with recording of financial data relating to the business operations in a significant and orderly manner. It is concerned with the permanent record of all transactions in a systematic manner to show its financial effect on the business. It covers procedural aspects of accounting work and includes record keeping function. It is the science and art of correctly recording in books of account all those business transactions that result in the transfer of money or money’s worth. It is mechanical and repetitive. This work of book–keeping is of clerical nature and usually entrusted to junior employees of accounts section of a business house. Now-a-days, most of the book-keeping work is done through computers and other electronic devices. In fact, accounting is based on a systematic and efficient book-keeping system. The main purpose behind book-keeping is to show correct position regarding each head of income and expenditure as well as assets and liabilities. Further, book-keeping is meant to show the effect of all the transactions made during the accounting period on the financial position of the business.