Fra Luca Pacioli (1445-1517)
Tuesday, July 17, 2018
Tuesday, July 3, 2018
BOOK-KEEPING
Very often, without much thinking, we consider Accounting and
Book-keeping alike -which is a wrong concept. Book-keeping is the recording, on
a day-to-day basis, of the economic events and information relating to a
business. It is concerned with ensuring the records of all economic events or financial
transactions are available, accurate, up-to-date and comprehensive. Accuracy is,
however, vital to the process. Basically, Book-keeping records the financial
information as well as provides them from which necessary accounts are
prepared; but is a distinct process, and which is preliminary to accounting. Each transaction, whether purchase or sale;
or change of loans; has to be recorded in the books.
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