Meaning of Bookkeeping

What is Bookkeeping?

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

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

Bookkeeping can also be defined as the recording of cash and credit transactions to obtain necessary accounting information.