Accounting is an essential part of the business. During studies of accounts students have to write bookkeeping assignments. Whole business depends upon accounting. Accounting is to keep financial accounts and maintain them. Accounting is a very systematic process, which contains; financial transaction, analyzing, summarizing, classifying, reporting and tax collecting process. Bookkeeping is also a term of accounting. Let’s talk briefly about bookkeeping.
Bookkeeping is to maintain day to day financial transaction. 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 ledger. If you want to become a good businessman so you have to study accounting and bookkeeping in your studies. We can also explain accounting as a process of bookkeeping. In bookkeeping firms follows two type of entry system first is-
Single entry system: it is easy then double entry system. 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 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. Like an example; if the company borrows some money from the bank so, the (assets) cash account will increase, and the liability 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. Double entry system is a broad term.
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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 assignment help experts for their bookkeeping assignment. 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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