Book-keeping is recording of day to day business transactions and all the financial information relating to business. Book-keeping also provide all the information of individual financial transaction which are recorded in a accurate, up to date and summarize way. Book-keeping also helps in accounting as it provides complete information about accounts.
Parties Interested in Accounting Information: Learning Objectives: Explain, who may be interested in accounting information of a company or firm? Name the parties interested in accounting information and state their basic interests therein. Why managers are interested in providing accounting information? There are a
Functions of Accounting (accounting functions): Learning Objectives: What are the important functions of accounting? Record Keeping Function: The primary function of accounting is to keep a systematic record of financial transaction – journalisation, posting and preparation of final statements. The purpose of this function