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JSS1: BUSINESS STUDIES - 3RD TERM

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Book-keeping is the systematic recording of financial transactions on a day to day basis in the appropriate books of an account such as journal, ledger and cashbook for easy determination of profit or loss.

Transactions include purchases, sales, receipts and payments by an individual, person or an organisation/corporation.    

Book-keeping can also be defined as the recording of cash and credit transactions in order to obtain necessary accounting information.

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