Book Keeping Assignment Help
Bookkeeping is recognized as the skill of categorizing, summarizing, recognizing, and recording the monetary dealings of a business enterprise to keep a record of the transactions systematically and logically. This topic includes the recording of the purchases made, receipts, sales, and payments made by a person or an enterprise. Today, many students wish to learn more about bookkeeping and so, they take up its study. When students require the best Book Keeping assignment help, they think of contacting only the writers of BookMyEssay.
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Get Known to the Term Book Keeping
The term Book Keeping means various things to various people:
- To some, booking is similar to accounting.
- Some view bookkeeping as confined to recording transactions in daybooks and journals before posting the amounts in the accounts of ledgers. When the amounts are posted, then the bookkeeping process gets finished.
- During mid-size and big corporations, bookkeeping sometimes remains absent as they keep a tab on transactions by accumulating, receipts, notes, invoices, etc.
Actually, Book Keeping is the process of classifying and recording business financial transactions. The objective of bookkeeping is recording and summarizing financial transactions into a practical form which would propose financial information regarding a person or a business. This is concerned with ensuring that financial accounting are up-to-date, accurate, and comprehensive. Take Book Keeping coursework help from us because we understand every aspect of this topic and so, can develop skilled writing.
The Book Keeping Systems
A couple of common bookkeeping systems that are used by organizations and business are called single-entry bookkeeping and double-entry bookkeeping system. The single-entry bookkeeping system makes use of only income and expenditure accounts which has been recorded in one revenue expenditure journal. Again, this system is ideal for numerous small businesses. On the other hand, double-entry bookkeeping systems require recording every transaction two times, making use of debits and credits.
- Single-entry system –This system of bookkeeping system is where a user makes only one entry for entering a business financial transaction. This system commonly comprises a regular summary of cash receipts as well as a monthly record of revenues and disbursements. The single-entry system has got its name as it records every transaction only one time either as revenue or an expense. As every entry is being recorded once only, so debits and credits aren’t used for recording a financial event.
- Double-entry system – This system is considered the common system which is highly used by businesses and organizations for recording financial transactions. This system is grounded in the fact that each transaction has got a couple of parts and so, affects a couple of ledger accounts. As all the business transactions comprise of an exchange of a thing for another, so, double entry bookkeeping is used for reflecting this two-fold effect. This system also has got built-in checks and balances. Because of the utilization of debits and credits, this system turns out to be self-balancing. This system gets worldwide support because this system is used by businesses to record their financial transactions.
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