Accountancy Note --(XI Management)
1. Book keeping/ double entry system Q.1. write the meaning of book keeping. Book keeping is composed of two words- 'book' and ‘keeping’. 'Book' mean record or collection of data, statistics and information of financial transactions, and 'keeping' means maintaining of those records. So book keeping is a science and art of keeping records of financial transactions in a regular, proper and systemic manner. In other words book keeping is a science and art of recording the regular financial transaction in a setoff books in such a manner so that the position of a businessman’s activities can be truly ascertained. According to J.R.B atliboi, “book keeping is the art of recording business dealing in a set of books.” Q.2. state any three objectives / importance of book keeping. The following are major four objectives of book keeping; 1) Keeping records of day to day financial transactions in proper and systematic manner. 2) ...