Benzene and Its Derivatives in Organic Chemistry
BOOK-KEEPING
Book-keeping is a process of recording business transactions chronologically in a
systematic and scientific manner in a separate set of books. Book-keeping is the
first stage of accounting. This stage of accounting is mechanical and repetitive in
nature.
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Book-keeping is an art as well as science
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Recording and classifying business transactions
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Recording in a separate set of books
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Recording in terms of money
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Recording chronologically
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Recording in a systematic manner
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Book-keeping helps in understanding the financial performance and position of
the business.
Book-keeping as a process includes the following steps;
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Identifying the transactions of financial character
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Measuring the transactions in terms of money
•
Recording the transaction in the books of original entry
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Posting the transaction into ledger
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Balancing the account opened in the ledger and;
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Preparing trial balance
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Book keeping an accounting are used in the same meaning, but in the real
sense, they have adequate difference which is as under:
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Although book-keeping differs from accounting yet it is a part of accounting. On the basis of
transactions recorded and classified in book-keeping, the final accounts are prepared in
accounting.
Chemists classify organic compounds into aliphatic and aromatic classes, with benzene being a prominent aromatic compound. Learn about the history, structure, properties, and uses of benzene, along with its derivatives and reactions.
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Presentation Transcript
BOOK BOOK- -KEEPING KEEPING
Book-keeping is a process of recording business transactions chronologically in a systematic and scientific manner in a separate set of books. Book-keeping is the first stage of accounting. This stage of accounting is mechanical and repetitive in nature. Essential features of book-keeping:- Book-keeping is an art as well as science Recording and classifying business transactions Recording in a separate set of books Recording in terms of money Recording chronologically Recording in a systematic manner Book-keeping helps in understanding the financial performance and position of the business.
BOOK-KEEPING- AS A PROCESS:- Book-keeping as a process includes the following steps; Identifying the transactions of financial character Measuring the transactions in terms of money Recording the transaction in the books of original entry Posting the transaction into ledger Balancing the account opened in the ledger and; Preparing trial balance
Book keeping an accounting are used in the same meaning, but in the real sense, they have adequate difference which is as under:
Difference between Book-keeping and Accounting BASIS OF DIFFERENCE Scope Nature BOOK-KEEPING ACCOUNTING Scope of Book-keeping is narrow. The function of book-keeping is clerical and routine type in nature. Book-keeping includes recording business transactions, posting them into ledger and balancing of accounts. Scope of Accounting is broad. The function of accounting is analytical. Accounting includes preparation of records, but also the preparation of summary statements and reports, their analysis, interpretation and communicating the result to the users. not only the Stages It is the first stage of Accounting. The work of bookkeeping starts when business transaction takes place. It is the second stage of Accounting. The work of accounting starts where the work of book-keeping ends.
BASIS OF DIFFERENCE Who Perform BOOK-KEEPING ACCOUNTING This work is done by a person called a bookkeeper. This work is performed by a person called accountants. Personal Judgement The work of bookkeeping is performed according to the rule and regulations. Hence, there is no need to judgement by a book-keeper. The work of accounting is analytical in nature. Hence, the accountant has to take personal judgement take personal Special ability and Knowledge For knowledge and ability is not required. In present time, the work of book-keeping is done on computers. book-keeping special For accounting special knowledge and ability is required. It is due to this fact that company appoints only those accountants who have greater degree of skill and accounting that Accountants. specialization is in Chartered Knowledge of Financial Positions Book-keeping does not throw any light on the financial position of the business. Accounting ascertains the financial position of the business.
BASIS OF DIFFERENCE Dependency BOOK-KEEPING ACCOUNTING Book-keeping has to depend on accounting to make the records more effective and useful. A book-keeper is not responsible for accounting work. Accounting has to depend on book- keeping to get the record information on time. An accountant is responsible for book- keeping work. It is because the task of book-keeping is supervision. Responsibility done under his Although book-keeping differs from accounting yet it is a part of accounting. On the basis of transactions recorded and classified in book-keeping, the final accounts are prepared in accounting.
