A systematic way to maintain the books of accounts is called_________?
Correct answer: C. Book Keeping
- A. Accountancy
- B. Economics
- C. Book Keeping
- D. Auditing
Explanation
Bookkeeping is the systematic process of maintaining the books of account by recording business transactions. Accountancy is the wider field that includes bookkeeping along with accounting analysis and reporting.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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