1.5: WHAT IS BOOKKEEPING?

      The part of accounting that is concerned with recording data is often known as Book-keeping. Until about one hundred years ago, all accounting data was kept by being recorded manually in books, hence it is called the term “BOOK-KEEPING“.

Book-Keeping

      Nowadays, although hand-written book may be used (particularly by smaller organizations), but most accounting data is recorded electronically with the help of computerized spreadsheets or softwares like Ms-Excel, Quickbooks Accounting, Peachtree , Tally, Sage Accounting,etc.
    
Followings are some definitions about book-keeping:

• “Book keeping is the art of recording business dealings in a set of books”. (J.R.Batliboi)
• “Book keeping is the science of recording transactions in money or money’s worth in such a manner that any subsequent date, the nature and effect of each transaction and the combined effect of all the transactions may be clearly understood. So that accounts prepared at any time from the records that kept may show the owner of the books his ture financial position”. ( L.C.Copper)

So we can say that book-keeping is the process of recording data relating to accounting transactions in the accounting books.