The maintenance of accounts in a systematic way is called__________?
Correct answer: C. Book Keeping
- A. Accounting
- B. Reading
- C. Book Keeping
- D. Auditing
Explanation
Bookkeeping is the systematic recording and maintenance of a business’s financial transactions. Accounting is broader because it also includes classifying, summarizing, interpreting, and reporting the recorded information.
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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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