Question

Bookkeeping mainly involves:

• A. Preparing financial forecasts
• B. Recording all financial transactions in journals and ledgers
• C. Auditing company accounts
• D. Preparing tax returns

Answer 1

Answer:

B. Recording all financial transactions in journals and ledgers

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.