Question

According to JR Batliboi, bookkeeping is:

• A. The process of analyzing financial transactions
• B. An art of recording transactions, classifying and summarizing them into accounts through posting, balancing accounts, and preparing a trial balance
• C. The process of interpreting financial statements
• D. A method of auditing accounts

Answer 1

Answer:

B. An art of recording transactions, classifying and summarizing them into accounts through posting, balancing accounts, and preparing a trial balance

BOOK KEEPING

• The term Book keeping and Accounting terms are different not same.

• According to JR Batliboi, bookkeeping is an art of recording transactions in the journal, classifying and summarising them into the accounts through posting, balancing of accounts and preparation of a trial balance.