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INTRODUCTION TO BOOK-KEEPING
CONTENT- Meaning of Book-keeping
- Importance of Book-keeping and Parties Interested in Book-keeping
- Essential Qualities of a Book-keeper
- Common Book-keeping Practices
Meaning of Book-keeping
Book-keeping may be defined as the art of recording business transactions in a systematic manner so that the books of account will reveal at any time the financial position of the business to the owner and other stakeholders in the businessImportance of Book-keeping
Every business organization keeps daily records of their financial transactions. Therefore, the importance of bookkeeping becomes necessary for the following reasons:- It is for easy reference of business financial records.
- It shows an accurate standing position of business in relation to its customers i.e. what is owed and what is owed by the firm
- It reveals profits and losses position to the company through trading, profit and loss account.
- It provides information to members of the public who are interested in the business through the balance sheet.
- Auditors use the books to issue their audit reports.
- The records kept help in management decision-making.
- The records project the image of the business to the public.
- It is a means by which finances of a business can be controlled.
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ClassHall Instructor
Halima Ahmadu
Maryam
Abdul tawwab
Honour Daniel
Wilfred Bassey