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What Is Bookkeeping And Why It An Essential Part Of Education?
Bookkeeping is to maintain day to day financial transaction. As well as it is a vital process for every business. Through bookkeeping firm find out their final profit or loss. Bookkeeping is to maintain a journal and then post their transitions in the final book that is called a ledger. Moreover, if you want to become a good businessman so you have to study accounting and bookkeeping in your studies. Also, we can explain accounting as a process of bookkeeping. In bookkeeping, firms follow two types of entry system first is-
Single entry system: it is easy than a double-entry system. The single entry system is the simplest form of bookkeeping, as the name indicates single entry system is to record every transaction in a single entry. It is a one-sided accounting entry. In this, only two columns are made one is for income and one is for expenses.
Double-entry system: in this, every transaction will be recorded in two accounts. For example; if the corporation borrows some money from the bank so, the (assets) cash account will boost, and the responsibility account will also increase. So both assets and liability will be equal. If your assets and liability account are not equal so it means there is some error in your transaction recording. The double entry system is a broad term.
Bookkeeping is useful for financial statements, appropriate accounts, monetary transactions, classified ledger accounts, a compilation of transactions and records, Identification of Monetary Transactions, Recording of transactions, etc.
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Bookkeeping is not an easy task. You have to record single-single entry very carefully. Because if your balance sheet does not match so, you have to check or do all the entries twice. That is why students hire anyone to write their bookkeeping assignment for them. You can take the best help from academic writers through StudentsAssignmentHelp.com. We are having experts in every field. Anytime you can take advice for your accounting bookkeeping assignments; we are here to help you.
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