What is bookkeeping?

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Bookkeeping is the art of recording business transactions in a systematic manner. However, bookkeeping has been defined in a variety of ways by different authors. Some of the definitions are given below:

  1. Bookkeeping is an activity concerned with the recording of financial data related to the business operations in a significant and orderly manner.
  2. The part of accounting that is concerned with recording data is often known as bookkeeping. (Frank wood)
  3. Book-keeping refers to the daily operation of an accounting system that is recording and classifying routine transactions. (Meigs & Meigs)

So, in simplified words “Bookkeeping” is an art of recording the business transactions in a prescribed manner in the books of accounts.

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