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Learn about the essential numerical skills required for accounting and bookkeeping. This free course, Introduction to bookkeeping and accounting, explains the fundamental rules of double-entry bookkeeping and how they are used to produce the balance sheet and the profit and loss account. You can start this course right now without signing-up. Click on any of the course content sections below to start at any point in this course. If you want to be able to track your progress, earn a free Statement of Participation, and access all course quizzes and activities, sign-up. Creative commons: The Open University is proud to release this free course under a Creative Commons licence. However, any third-party materials featured within it are used with permission and are not ours to give away.
Book-keeping A society requires different types of organizations. These organizations are established to achieve specific objectives. In order to achieve the stated objectives, an organization requires utilizing its human, financial and other resources in the best possible manner. For the proper utilization and control of such human, financial and other resources, the organization requires accurate and reliable financial information. Books of account and financial statement are the main sources of financial transaction. These books of accounts and financial statement record summarize and report the financial transactions in a systematic way. Such systematic record of financial transactions helps to supply accurate and reliable financial information to all concerned parties of the business for making appropriate financial decisions.
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The Accounting process involves a series of steps which include analyzing, recording, summarizing, reporting, reviewing, and interpreting financial information. Bookkeeping forms the foundation on which the accounting system is built and therefore all bookkeeping information should be complete, accurate and timely.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. There are several standard methods of bookkeeping, including the single-entry and double-entry bookkeeping systems. While these may be viewed as "real" bookkeeping, any process for recording financial transactions is a bookkeeping process. Bookkeeping is the work of a bookkeeper or book-keeper , who records the day-to-day financial transactions of a business. They usually write the daybooks which contain records of sales, purchases, receipts, and payments , and document each financial transaction, whether cash or credit, into the correct daybook—that is, petty cash book, suppliers ledger, customer ledger, etc. Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper.