Bookkeeping mainly concerns with which part of accounting process?a)Analyzingb)Preparing financial statementsc)Recording financial informationd)Auditing the books of accountsCorrect answer is option 'C'. Can you explain this answer?

Question

Answer

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.

Answer

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.

Answer

Bookkeeping primarily concerns with recording financial information in the accounting process.

Explanation:
Bookkeeping is the process of systematically recording and maintaining financial transactions and information of a business entity. It is a vital function of the accounting process since it provides the foundation for preparing financial statements. Bookkeeping involves recording financial transactions such as sales, purchases, receipts, and payments in a systematic and chronological order.

The following are the reasons why bookkeeping is an essential part of the accounting process:

1. Recording Financial Transactions:
Bookkeeping involves recording all financial transactions of a business entity in a systematic and chronological order. This information forms the basis for preparing financial statements and analyzing the financial performance of the organization.

2. Maintenance of Accounting Records:
Bookkeeping helps in maintaining accounting records in an organized and structured manner. It enables the management to track the financial performance of the organization over a period.

3. Preparation of Financial Statements:
Bookkeeping forms the foundation for preparing financial statements such as the income statement, balance sheet, and cash flow statement. The financial statements provide an overview of the financial position and performance of the organization.

4. Compliance with Legal Requirements:
Bookkeeping is necessary to comply with legal requirements such as taxation laws, financial reporting standards, and other regulatory requirements.

In conclusion, bookkeeping is a vital function of the accounting process that involves recording financial transactions in a systematic and chronological order. It forms the foundation for preparing financial statements and analyzing the financial performance of the organization.

Answer

Jab aap ko answer malum hai to ab explanation bhi chahiya us answer se kam.nahi chalyga

Answer

Book keeping is done at primary stage and regular basis . I book keeping the transactions are just recorded . thus we say that financial information is recorded mainly in bookkeeping

Answer

In the given choice you did not mention recording of financial transaction, if you give that wording in the options I might have preferred it.

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