Write meaning of book keeping and state any three objectives of book keeping (2075,2072,2066,2060)BS
Bookkeeping is the process of recording and organizing financial transactions in a systematic manner to maintain accurate financial records. The three objectives of bookkeeping are:
To accurately record financial transactions: The primary objective of bookkeeping is to record all financial transactions accurately and systematically. This includes tracking income, expenses, and other financial activities of an organization.
To provide financial information for analysis and decision-making: Bookkeeping provides the financial data necessary for businesses to perform financial analysis and make informed decisions. This involves analyzing financial records to determine an organization's financial position, profitability, and cash flow.
To ensure compliance with legal and regulatory requirements: Bookkeeping ensures compliance with legal and regulatory requirements by maintaining accurate financial records and providing necessary documentation for tax purposes and financial reporting. This includes preparing financial statements, tax returns, and other financial reports as required by law.
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