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    Session 3: Dr. M.A. Ganachari

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    Aarti Gajul
    Bookkeeping is the process of recording financial transactions such as sales, purchases, income, receipts and payments. A bookkeeper performs this function by ensuring transactions are recorded accurately in daybooks, ledgers, and the general ledger. While bookkeeping and accounting are sometimes confused, bookkeeping is just one part of the overall accounting process. Accountants use the records prepared by bookkeepers to create reports and file forms. Common bookkeeping systems include single-entry and double-entry bookkeeping.

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    Session 3: Dr. M.A. Ganachari

    Uploaded by

    Aarti Gajul
    24 views1 page
    Bookkeeping is the process of recording financial transactions such as sales, purchases, income, receipts and payments. A bookkeeper performs this function by ensuring transactions are recorded accurately in daybooks, ledgers, and the general ledger. While bookkeeping and accounting are sometimes confused, bookkeeping is just one part of the overall accounting process. Accountants use the records prepared by bookkeepers to create reports and file forms. Common bookkeeping systems include single-entry and double-entry bookkeeping.

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    Bookkeeping is the process of recording financial transactions such as sales, purchases, income, receipts and payments. A bookkeeper performs this function by ensuring transactions are recorded accurately in daybooks, ledgers, and the general ledger. While bookkeeping and accounting are sometimes confused, bookkeeping is just one part of the overall accounting process. Accountants use the records prepared by bookkeepers to create reports and file forms. Common bookkeeping systems include single-entry and double-entry bookkeeping.

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    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    24 views1 page

    Session 3: Dr. M.A. Ganachari

    Uploaded by

    Aarti Gajul
    Bookkeeping is the process of recording financial transactions such as sales, purchases, income, receipts and payments. A bookkeeper performs this function by ensuring transactions are recorded accurately in daybooks, ledgers, and the general ledger. While bookkeeping and accounting are sometimes confused, bookkeeping is just one part of the overall accounting process. Accountants use the records prepared by bookkeepers to create reports and file forms. Common bookkeeping systems include single-entry and double-entry bookkeeping.

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    MM BGIMS

    FINANCIAL ACCOUNTING

    MMS SEM I

    SESSION 3 Bookkeeping FA(A) 17/08/12


    Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Many individuals mistakenly consider bookkeeping and accounting to be the same thing. This confusion is understandable because the accounting process includes the bookkeeping function, but is just one part of the accounting process.[1] The accountant creates reports from the recorded financial transactions recorded by the bookkeeper and files forms with government agencies. There are some common methods of bookkeeping such as the single-entry bookkeeping system and the double-entry bookkeeping system. But while these systems may be seen as "real" bookkeeping, any process that involves the recording of financial transactions is a bookkeeping process. A bookkeeper (or book-keeper), also known as an accounting clerk or accounting technician, is a person who records the day-to-day financial transactions of an organization. A bookkeeper is usually responsible for writing the "daybooks". The daybooks consist of purchases, sales, receipts, and payments. The bookkeeper is responsible for ensuring all transactions are recorded in the correct day book, suppliers ledger, customer ledger and general ledger. The bookkeeper brings the books to the trial balance stage. An accountant may prepare the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.

    DR. M.A. GANACHARI

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