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Bookkeeping (book-keeping or book keeping) is therecording of all financial transactions undertaken by an individual or
organization. Bookkeeping is keeping records of what is bought, sold,
owed, and owned; what money comes in, what goes out, and what is left. Two common bookkeeping methods used by businesses and other organizations are the single-entry bookkeeping system and the double-entry bookkeeping system. Single-entry bookkeeping uses only income and expense accounts, recorded primarily in a "Revenue and Expense Journal". Single-entry bookkeeping is adequate for many small businesses. Double-entry bookkeeping requires posting (recording) each transaction twice, using debits and credits. |
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Also See:
Accountants - CPAs
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